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https://doi.org/10.3938/NPSM.67.70
Scientific Metaphor Between the Cobweb Market Model and the Quantum-Mechanical Radiation of Photons
New Physics: Sae Mulli 2017; 67: 70~77
Published online January 31, 2017;  https://doi.org/10.3938/NPSM.67.70
© 2017 New Physics: Sae Mulli.

BumSik CHOI*, Sangup PARK†

Department of Nano Advanced Materials Engineering, JeonJu University, Jeonju 55069, Korea
Correspondence to: *bschoi@jj.ac.kr, †sangup@jj.ac.kr
Received September 22, 2016; Revised September 27, 2016; Accepted September 27, 2016.
cc This is an open-access article distributed under the terms of the Creative Commons Attribution Non-Commercial License (http://creativecommons.org/licenses/by-nc/3.0/) which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
On the basis of mathematical similarity, we will try to interpret microeconomics by using the physics. Simply, the CobWeb market, the simplest, standard microeconomic market model, will be related to the photon dynamics in a thermal optical cavity. In the market, we have two different time concepts; the physical time of the physical world and the market time in market information space. We also clarify confusingly-used time setting conditions: Markov, Stratonovich, and Wiener. Thus, the standard CobWeb model takes market time under the Wiener condition only. The price corresponds to the average energy of the photons, and the demand-supply curve in the market corresponds to the energy exchange equation. We expect further interpretations of microeconomics to be possible by using physics.
PACS numbers: 32.70.Cs, 02.90.+p, 05.10.Gg
Keywords: Photon, CobWeb model, Microeconomics, Market time


August 2017, 67 (8)