In this paper, we provide a model that permits systematic and even quantitative assessment of the policy implications of increasingly scarce and expensive resources. Specifically we model the return to investment as a function of fixed cost, discount rate, uncertainty, project duration and the...

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...

From monetary policies to climate change problem, from the burden of private credit card debts to the evaluation of public projects, discount rate is the central issue. Yet, there is little clear understanding about the nature of discounting. The main problem in the theory of discounting is that...

A review of recent evidence on relative earnings from entrepreneurship versus wage work presents a puzzle: why do individuals become entrepreneurs when entrepreneurs on average apparently earn less than employees? After considering several potential explanations, we empirically analyze one:...

Key Features:Proposes an analytical thermodynamic theory of the life sciences and social sciencesPresents analytical theories of value, production and competition that are directly derived from thermodynamic lawsOffers a simple and unified explanation of many fundamental phenomena in our society...