Rapid accumulation of empirical studies in behavioral finance calls for a unified and consistent theoretical synthesis. Instead of building up a behavioral theory of economics directly, we present the entropy theory of mind, which is an economic theory of mind. Then we integrate the value and...

Rapid accumulation of empirical studies in behavioral finance calls for a unified and consistent theoretical synthesis. Instead of building up a behavioral theory of economics directly, the paper presents the entropy theory of mind, which is an economic theory of mind. Then the value and cost of...

More than half century ago, Shannon's identification of information as the reduction of entropy greatly clarified the meaning of information and established information theory as a science. Since all human activities represent extraction and transformation of low entropy from the environment, it...

From the properties that the value of commodities should satisfy, it can be derived that the only mathematical formula to represent value, as a function of scarcity, is the entropy function. From this function, the main factors that influence the value of a commodity are scarcity of the...

"Economists dream of equilibrium. It's time to wake up. In mainstream economics, markets are ideal if competition is perfect. When supply balances demand, economic maturity is orderly and disturbed only by shocks. These ideas are rooted in doctrines going back thousands of years yet, as James K....