A closer look at the chemical potential of an ideal agent system

Christoph J. B\"orner, Ingo Hoffmann and John H. Stiebel

Papers from arXiv.org

Abstract: Models for spin systems known from statistical physics are used in econometrics in the form of agent-based models. Econophysics research in econometrics is increasingly developing general market models that describe exchange phenomena and use the chemical potential $\mu$ known from physics in the context of particle number changes. In statistical physics, equations of state are known for the chemical potential, which take into account the respective model framework and the corresponding state variables. A simple transfer of these equations of state to problems in econophysics appears difficult. To the best of our knowledge, the equation of state for the chemical potential is currently missing even for the simplest conceivable model of an ideal agent system. In this paper, this research gap is closed and the equation of state for the chemical potential is derived from the econophysical model assumptions of the ideal agent system. An interpretation of the equation of state leads to fundamental relationships that could also have been guessed, but are shown here by the theory.

Date: 2024-01
New Economics Papers: this item is included in nep-hme
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