In economic thermodynamics, Andrei Khrennikov (1958-) is a Russian-born Swedish applied mathematician noted for his 2005 article “Financial Heat Machine”, in which he models financial markets from the point of view of phenomenological thermodynamics, describe a financial Carnot cycle, and argue that an economic perpetual mobile is possible “under some conditions”, along the way discussing things such as the “boiling of the financial market” or the “heating of expectations”, among other terms. [1]
Khrennikov cites John Neumann, Marc Lichnerowicz, Borisas Cimbleris, and Joseph McCauley as the founders of financial thermodynamics.
Education
In 1980, Khrennikov competed his undergraduate work in mechanics and mathematics at Moscow State University and in 1989 his PhD, with a dissertation on “Pseudo-differential equations on Superspace” at The Steklov Mathematical Institute of Academy of Sciences.” Since 1997, he has been a professor at the Department of Mathematics, Statistics and Computer Sciences, University of Växjö, Sweden. [2]
References
1. Khrennikov, Andrei. (2005). “Financial Heat Machine” (abs), Physica A: Statistical Mechanics and its Applications, 359(1-2): 487-490.
2. Andrei Khrennikov (curriculum vitae) – w3.msi.vxu.se.
Further reading
● Khrennikov, Andrei. (2010). “Thermodynamic-like Approach to Complexity of the Financial Market (in Light of the Present Financial Crises)” (abs), Decision Theory and Choices: a Complexity Approach, 183-203.
● Khrennikov, Andrei. (2012). “Financial Heat Machine: Coupling with the Present Financial Crises” (abs), Wilmott, 57:32-45.
External links
● Andrei Khrennikov (about) – w3.msi.vxu.se.
