Natural convection heat transfer has many applications in different fields of industry; such as cooling industries, electronic transformer devices and ventilation equipment; due to simple process, economic advantage, low noise and renewed retrieval. Recently, heat transfer of nanofluids have been considered because of higher thermal conductivity coefficient compared with those of ordinary fluid...

We develop analogies between economic systems and thermodynamics, and show how economic quantities can characterize the state of an economic system in equilibrium. We argue that just as a physical system in thermodynamic equilibrium requires a nonmechanical variable ~the temperature T) to specify its state, so does an economic system. In addition, both systems must have a corresponding conjugat...

Entropy is a central concept of statistical mechanics, which is the main branch of physics that underlies econophysics, the application of physics concepts to understand economic phenomena. It enters into econophysics both in an ontological way through the Second Law of Thermodynamics as this drives the world economy from its ecological foundations as solar energy passes through food chains in ...

Using transfer entropy, we observed the strength and direction of information flow between stock indices. We uncovered that the biggest source of information flow is America. In contrast, the Asia/Pacific region the biggest is receives the most information. According to the minimum spanning tree, the GSPC is located at the focal point of the information source for world stock markets. Introduct...

If each node of an idealized network has an equal capacity to efficiently exchange benefits, then the network’s capacity to use energy is scaled by the average amount of energy required to connect any two of its nodes. The scaling factor equals e, and the network’s entropy is ln(n). Networking emerges in consequence of nodes minimizing the ratio of their energy use to the benefits obtained for ...

Leakage through microscale or nanoscale cracks is usually hard to observe, difficult to control, and causes significant economic loss. In the present research, the leakage in a pipe was evaluated by the virtual entropy generation (VEG) method. In virtual entropy generation method, the “measured entropy generation” is forced to follow the “experimental second law of thermodynamics”. Taking the l...

Recently we used the maximum entropy principle for finding the price density in a multi agent insurance market. The result is similar to what the Buhlmann had obtained by maximizing the utility function. Here we begin with the price density that is derived by applying the maximum entropy principle to a conservative economic system (exchange market), then reverse the Buhlmann calculation to find...