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A prototypical paper on game theory in economics begins by presenting a game that is an abstraction of a particular economic situation. One or more solution concepts are chosen, and the author demonstrates which strategy sets in the presented game are equilibria of the appropriate type.
The law holds well for forced air and pumped liquid cooling, where the fluid velocity does not rise with increasing temperature difference. Newton's law is most closely obeyed in purely conduction-type cooling. However, the heat transfer coefficient is a function of the temperature difference in natural convective (buoyancy driven) heat transfer.
Convective heat transfer, or simply, convection, is the transfer of heat from one place to another by the movement of fluids, a process that is essentially the transfer of heat via mass transfer. The bulk motion of fluid enhances heat transfer in many physical situations, such as between a solid surface and the fluid. [10]
Theory of Games and Economic Behavior, published in 1944 [1] by Princeton University Press, is a book by mathematician John von Neumann and economist Oskar Morgenstern which is considered the groundbreaking text that created the interdisciplinary research field of game theory.
In combinatorial game theory, cooling, heating, and overheating are operations on hot games to make them more amenable to the traditional methods of the theory, which was originally devised for cold games in which the winner is the last player to have a legal move. [1] Overheating was generalised by Elwyn Berlekamp for the analysis of ...
Convection (or convective heat transfer) is the transfer of heat from one place to another due to the movement of fluid. Although often discussed as a distinct method of heat transfer, convective heat transfer involves the combined processes of conduction (heat diffusion) and advection (heat transfer by bulk fluid flow ).
An economic theory that defines wealth by the amount of precious metals owned. [48] business cycle. Also called the economic cycle or trade cycle. The downward and upward movement of gross domestic product (GDP) around its long-term growth trend. [49] The length of a business cycle is the period of time containing a single boom and contraction ...
The overall heat transfer coefficient is a measure of the overall ability of a series of conductive and convective barriers to transfer heat. It is commonly applied to the calculation of heat transfer in heat exchangers , but can be applied equally well to other problems.