MIT OpenCourseWare: Free Courses from the institute

MIT 14.04 Intermediate Microeconomic Theory, Fall 2020
Instructor: Prof. Robert Townsend

Uploaded 31-08-22

View the complete course: https://ocw.mit.edu/courses/14-04-intermediate-microeconomic-theory-fall-2020/
YouTube Playlist: https://www.youtube.com/watch?v=XSTSfCs74bg&list=PLUl4u3cNGP63wnrKge9vllow3Y2OOOKqF

When there is pollution, missing markets, externalities in caring about the outcomes for other people (jealousy or altruism), or an infinite number of agents from overlapping generations of finite-lived agents, then the equivalence between the class of competitive equilibria with transfers and the set of Pareto optimal allocations can be broken. But likewise, the link can be restored with markets in rights and appropriate market design.

License: Creative Commons BY-NC-SA
More information at https://ocw.mit.edu/terms
More courses at https://ocw.mit.edu
Support OCW at http://ow.ly/a1If50zVRlQ

We encourage constructive comments and discussion on OCW’s YouTube and other social media channels. Personal attacks, hate speech, trolling, and inappropriate comments are not allowed and may be removed. More details at https://ocw.mit.edu/comments.



Learn more about your ad choices. Visit megaphone.fm/adchoices

Learn more about your ad choices. Visit megaphone.fm/adchoices

MIT 2.43 Advanced Thermodynamics, Spring 2024
Instructor: Gian Paolo Beretta

Uploaded 05-12-24

View the complete course: https://ocw.mit.edu/courses/2-43-advanced-thermodynamics-spring-2024/
Complete course table of contents with hyperlinks to slides and video timestamps: https://ocw.mit.edu/courses/2-43-advanced-thermodynamics-spring-2024/resources/mit2_43_s24_toc_slides_pdf/
Complete course analytical index with hyperlinks to slides and video timestamps: https://ocw.mit.edu/courses/2-43-advanced-thermodynamics-spring-2024/resources/mit2_43_s24_index_slides_pdf/
YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP6309d0oJDiVo1CvxUQXJ2il

This lecture covers: Energy and entropy carried by photons (electromagnetic radiation). Thermoelectric effects in solid conductors. Seebeck effect, the thermocouple, and the thermoelectric generator. Peltier and Thomson effect.

Instructor suggests to set viewing speed at 1.5 for faster learning.

Slides for this lecture: https://ocw.mit.edu/courses/2-43-advanced-thermodynamics-spring-2024/resources/mit2_43_s24_lec24_pdf/

Key moments:

00:00:00 - Introduction
00:00:23 - Onsager Cross Effects and Curie Symmetry Principle
00:03:51 - Only a Fraction of the Energy Flux is Heat
00:07:42 - Relation Between Independent Diffusive Fluxes
00:19:19 - Electromagnetic Radiation: Energy and Entropy
00:27:36 - Relative Diffusive Fluxes and Forces
00:36:01 - Thermoelectric Effects
00:36:20 - Thermoelectric Effects in Solid Conductors
00:49:27 - Seeebeck Effect and the Thermocouple
01:02:28 - Seebeck Effect and the Thermoelectric Generator
01:08:22 - Peltier Effect
01:25:31 - Thomson Heating/Cooling Effect vs Joule Heating
01:35:33 - Cross Effects in Charge and Spin Current Transport
01:38:21 - Spin-Seebeck Effect

License: Creative Commons BY-NC-SA
More information at https://ocw.mit.edu/terms
More courses at https://ocw.mit.edu
Support OCW at http://ow.ly/a1If50zVRlQ

We encourage constructive comments and discussion on OCW’s YouTube and other social media channels. Personal attacks, hate speech, trolling, and inappropriate comments are not allowed and may be removed. More details at https://ocw.mit.edu/comments.



Learn more about your ad choices. Visit megaphone.fm/adchoices

Learn more about your ad choices. Visit megaphone.fm/adchoices

MIT 14.04 Intermediate Microeconomic Theory, Fall 2020
Instructor: Prof. Robert Townsend

Uploaded 31-08-22

View the complete course: https://ocw.mit.edu/courses/14-04-intermediate-microeconomic-theory-fall-2020/
YouTube Playlist: https://www.youtube.com/watch?v=XSTSfCs74bg&list=PLUl4u3cNGP63wnrKge9vllow3Y2OOOKqF

Village India is home to extreme poverty and enormous risks, including those that can affect one household but not others due to specialization in income sources, crops, and soil. Yet households in village India come close to an optimal allocation of risk bearing, achieved apparently through ex post borrowing/lending and gifts/transfers. In the medieval village, a primary mechanism was ex ante division of land, though portfolio diversification was imperfect.

License: Creative Commons BY-NC-SA
More information at https://ocw.mit.edu/terms
More courses at https://ocw.mit.edu
Support OCW at http://ow.ly/a1If50zVRlQ

We encourage constructive comments and discussion on OCW’s YouTube and other social media channels. Personal attacks, hate speech, trolling, and inappropriate comments are not allowed and may be removed. More details at https://ocw.mit.edu/comments.



Learn more about your ad choices. Visit megaphone.fm/adchoices

Learn more about your ad choices. Visit megaphone.fm/adchoices

MIT 2.43 Advanced Thermodynamics, Spring 2024
Instructor: Gian Paolo Beretta

Uploaded 05-12-24

View the complete course: https://ocw.mit.edu/courses/2-43-advanced-thermodynamics-spring-2024/
Complete course table of contents with hyperlinks to slides and video timestamps: https://ocw.mit.edu/courses/2-43-advanced-thermodynamics-spring-2024/resources/mit2_43_s24_toc_slides_pdf/
Complete course analytical index with hyperlinks to slides and video timestamps: https://ocw.mit.edu/courses/2-43-advanced-thermodynamics-spring-2024/resources/mit2_43_s24_index_slides_pdf/
YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP6309d0oJDiVo1CvxUQXJ2il

This lecture covers: Fourier law from formal analogy with near-equilibrium chemical kinetics. Onsager reciprocity from Ziegler principle of maximum entropy production. Symmetry of the thermal conductivity tensor for anisotropic materials. Cattaneo-Vernotte heat equation.

Instructor suggests to set viewing speed at 1.5 for faster learning.

Slides for this lecture: https://ocw.mit.edu/courses/2-43-advanced-thermodynamics-spring-2024/resources/mit2_43_s24_lec21_pdf/

Key moments:

00:00:00 - Introduction
00:00:17 - Introduction to Part III: Nonequilibrium
00:01:03 - Rates and Affinities Far and Near Equilibrium
00:09:56 - Hydrocarbon Oxidation: Detailed Kinetic Mechanisms
00:10:58 - Rates and Affinities for Independent Reactions
00:20:51 - Linearization of Rate-Affinity Relations
00:30:57 - Example: Two Rates and Two Affinities
00:35:28 - Onsager Relations from Maximum Entropy Production
00:46:14 - Ziegler Orthogonality Relation
00:54:14 - Onsager Symmetry of Thermal Conductivity Tensors
01:01:26 - Steady-State Heat Flux
01:06:49 - Fourier Law of Thermal Conduction
01:21:02 - Anisotropic Fourier Conduction in 2D
01:27:55 - Cattaneo-Vernotte Heat Conduction Equation

License: Creative Commons BY-NC-SA
More information at https://ocw.mit.edu/terms
More courses at https://ocw.mit.edu
Support OCW at http://ow.ly/a1If50zVRlQ

We encourage constructive comments and discussion on OCW’s YouTube and other social media channels. Personal attacks, hate speech, trolling, and inappropriate comments are not allowed and may be removed. More details at https://ocw.mit.edu/comments.



Learn more about your ad choices. Visit megaphone.fm/adchoices

Learn more about your ad choices. Visit megaphone.fm/adchoices

MIT 14.04 Intermediate Microeconomic Theory, Fall 2020
Instructor: Prof. Robert Townsend

Uploaded 31-08-22

View the complete course: https://ocw.mit.edu/courses/14-04-intermediate-microeconomic-theory-fall-2020/
YouTube Playlist: https://www.youtube.com/watch?v=XSTSfCs74bg&list=PLUl4u3cNGP63wnrKge9vllow3Y2OOOKqF

In modern economies with financial markets, a good stock is one that hedges aggregate risk, having high return when the rest of the market does poorly, on average. A stock which in contrast co-moves with the market bears a risk premium, to compensate for its failure to hedge market risk. In Thai village economies, no stocks are traded, and yet amazingly, the returns on real capital assets, from running small business and farms, are consistent with the theory.

License: Creative Commons BY-NC-SA
More information at https://ocw.mit.edu/terms
More courses at https://ocw.mit.edu
Support OCW at http://ow.ly/a1If50zVRlQ

We encourage constructive comments and discussion on OCW’s YouTube and other social media channels. Personal attacks, hate speech, trolling, and inappropriate comments are not allowed and may be removed. More details at https://ocw.mit.edu/comments.



Learn more about your ad choices. Visit megaphone.fm/adchoices

Learn more about your ad choices. Visit megaphone.fm/adchoices

MIT 2.43 Advanced Thermodynamics, Spring 2024
Instructor: Gian Paolo Beretta

Uploaded 05-12-24

View the complete course: https://ocw.mit.edu/courses/2-43-advanced-thermodynamics-spring-2024/
Complete course table of contents with hyperlinks to slides and video timestamps: https://ocw.mit.edu/courses/2-43-advanced-thermodynamics-spring-2024/resources/mit2_43_s24_toc_slides_pdf/
Complete course analytical index with hyperlinks to slides and video timestamps: https://ocw.mit.edu/courses/2-43-advanced-thermodynamics-spring-2024/resources/mit2_43_s24_index_slides_pdf/
YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP6309d0oJDiVo1CvxUQXJ2il

This lecture covers: Entropy production as sum of force-flux products. Linear force-flux laws for direct effects (Fourier, Fick, Ohm, Navier). Cross effects. Curie symmetry principle. Steepest entropy ascent and Fourth Law. Minimum global entropy production at steady state.

Instructor suggests to set viewing speed at 1.5 for faster learning.

Slides for this lecture: https://ocw.mit.edu/courses/2-43-advanced-thermodynamics-spring-2024/resources/mit2_43_s24_lec23_pdf/

Key moments:

00:00:00 - Introduction
00:00:22 - Review: Diffusive and Convective Fluxes
00:05:46 - Review: “Heat and Diffusion” Mode of Interaction
00:09:57 - General Balance Equation for an Extensive Property
00:13:41 - Extrinsic Relations for Entropy Production Density
00:34:27 - Force-Flux Shorthand Notation
00:36:34 - Material Resistance to Fluxes and Forces
00:42:26 - Direct Laws (Neglecting Cross Effects)
00:46:35 - Onsager Cross Effects and Curie Symmetry Principle
00:55:53 - Orthogonality Relations in the Linear Regime
00:59:30 - Orthogonality Relations in the Nonlinear Regime
01:02:13 - Material Resistance to Flux and Forces
01:09:03 - Steepest Entropy Ascent
01:10:10 - Graphical Illustration of Steepest Entropy Ascent
01:14:39 - Fourth Law of Thermodynamics
01:17:25 - Force-Flux Relations from Steepest Entropy Ascent
01:20:48 - The Fourth Law: Existence of a Dissipative Metric
01:24:26 - Bejan's “Constructal Law” of Design and Evolution
01:28:44 - Maximal Local EP Selects the Hydrodynamic Pattern
01:33:26 - Minimum Entropy Production at Steady State

License: Creative Commons BY-NC-SA
More information at https://ocw.mit.edu/terms
More courses at https://ocw.mit.edu
Support OCW at http://ow.ly/a1If50zVRlQ

We encourage constructive comments and discussion on OCW’s YouTube and other social media channels. Personal attacks, hate speech, trolling, and inappropriate comments are not allowed and may be removed. More details at https://ocw.mit.edu/comments.



Learn more about your ad choices. Visit megaphone.fm/adchoices

Learn more about your ad choices. Visit megaphone.fm/adchoices

MIT 14.04 Intermediate Microeconomic Theory, Fall 2020
Instructor: Prof. Robert Townsend

Uploaded 31-08-22

View the complete course: https://ocw.mit.edu/courses/14-04-intermediate-microeconomic-theory-fall-2020/
YouTube Playlist: https://www.youtube.com/watch?v=XSTSfCs74bg&list=PLUl4u3cNGP63wnrKge9vllow3Y2OOOKqF

English villagers were able to store their harvest in inventory. Yet, despite facing starvation from future crop failure, they rarely stored enough to get beyond the following year. Dynamic economic models of decision-making, calibrating parameters from historical data, resolves the puzzle. The power of dynamic programming is revealed, along with some additional useful tools.

License: Creative Commons BY-NC-SA
More information at https://ocw.mit.edu/terms
More courses at https://ocw.mit.edu
Support OCW at http://ow.ly/a1If50zVRlQ

We encourage constructive comments and discussion on OCW’s YouTube and other social media channels. Personal attacks, hate speech, trolling, and inappropriate comments are not allowed and may be removed. More details at https://ocw.mit.edu/comments.



Learn more about your ad choices. Visit megaphone.fm/adchoices

Learn more about your ad choices. Visit megaphone.fm/adchoices

MIT 2.43 Advanced Thermodynamics, Spring 2024
Instructor: Gian Paolo Beretta

Uploaded 05-12-24

View the complete course: https://ocw.mit.edu/courses/2-43-advanced-thermodynamics-spring-2024/
Complete course table of contents with hyperlinks to slides and video timestamps: https://ocw.mit.edu/courses/2-43-advanced-thermodynamics-spring-2024/resources/mit2_43_s24_toc_slides_pdf/
Complete course analytical index with hyperlinks to slides and video timestamps: https://ocw.mit.edu/courses/2-43-advanced-thermodynamics-spring-2024/resources/mit2_43_s24_index_slides_pdf/
YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP6309d0oJDiVo1CvxUQXJ2il

This lecture covers: Balance equations for extensive properties of a continuum. Barycentric velocity. Diffusive and convective fluxes. Definition of heat and diffusion interaction. Relation between diffusive fluxes of energy, constituents, and entropy. Measurable heat flux.

Instructor suggests to set viewing speed at 1.5 for faster learning.

Slides for this lecture: https://ocw.mit.edu/courses/2-43-advanced-thermodynamics-spring-2024/resources/mit2_43_s24_lec22_pdf/

Key moments:

00:00:00 - Introduction
00:00:20 - Nonequilibrium in Heat, Mass, and Charge Transfer
00:00:45 - Heat Transfer vs Chemical Kinetics: Parallel Logic
00:11:10 - General Balance Equations for Extensive Properties
00:13:28 - Balance Equations for 1D Heat and Mass Transfer
00:21:41 - Rate of Change of an Extensive Property
00:30:54 - Diffusive and Convective Fluxes
00:42:46 - Collisions and Short and Long Range Forces
00:50:11 - General Balance Equation for an Extensive Property
00:54:43 - Definition of Barycentric Velocity
00:55:48 - Various Extensive Properties for a Continuum
00:56:54 - Continuum Assumption and Knudsen Number
01:03:45 - Local-Equilibrium Simple-System Bulk-Flow Relation
01:09:25 - Gibbs-Duhem Relation in Various Forms
01:10:59 - In Terms of Volume Specific Properties
01:13:25 - Generalization of the Concept of Heat Interaction
01:13:38 - Recall How We Defined “Heat Interactions”..
01:15:54 - ..and Proved the Clausius Inequalities
01:17:49 - Same Logic Defines “Heat and Diffusion” Interactions..
01:20:48 - ..and Generalizes the Clausius Inequalities
01:22:28 - Only a Fraction of the Energy Flux is Heat
01:30:55 - “Heat and Diffusion” Mode of Interaction in Continua

License: Creative Commons BY-NC-SA
More information at https://ocw.mit.edu/terms
More courses at https://ocw.mit.edu
Support OCW at http://ow.ly/a1If50zVRlQ

We encourage constructive comments and discussion on OCW’s YouTube and other social media channels. Personal attacks, hate speech, trolling, and inappropriate comments are not allowed and may be removed. More details at https://ocw.mit.edu/comments.



Learn more about your ad choices. Visit megaphone.fm/adchoices

Learn more about your ad choices. Visit megaphone.fm/adchoices

MIT 14.04 Intermediate Microeconomic Theory, Fall 2020
Instructor: Prof. Robert Townsend

Uploaded 31-08-22

View the complete course: https://ocw.mit.edu/courses/14-04-intermediate-microeconomic-theory-fall-2020/
YouTube Playlist: https://www.youtube.com/watch?v=XSTSfCs74bg&list=PLUl4u3cNGP63wnrKge9vllow3Y2OOOKqF

How do we divide the social pie of the available resources in an economy across its household members? Economists have a way of figuring out what allocations of consumption bundles are efficient, or what allocations are not. Crucially, this is different from taking a stand on the appropriate distribution of income. Confusion on this subject, equity vs. efficiency, abounds in the popular press. An application is discussed: The Pareto optimal allocation of risk implemented with risk sharing rules – who gets what when there are adverse shocks.

License: Creative Commons BY-NC-SA
More information at https://ocw.mit.edu/terms
More courses at https://ocw.mit.edu
Support OCW at http://ow.ly/a1If50zVRlQ

We encourage constructive comments and discussion on OCW’s YouTube and other social media channels. Personal attacks, hate speech, trolling, and inappropriate comments are not allowed and may be removed. More details at https://ocw.mit.edu/comments.



Learn more about your ad choices. Visit megaphone.fm/adchoices

Learn more about your ad choices. Visit megaphone.fm/adchoices

MIT 2.43 Advanced Thermodynamics, Spring 2024
Instructor: Gian Paolo Beretta

Uploaded 05-12-24

View the complete course: https://ocw.mit.edu/courses/2-43-advanced-thermodynamics-spring-2024/
Complete course table of contents with hyperlinks to slides and video timestamps: https://ocw.mit.edu/courses/2-43-advanced-thermodynamics-spring-2024/resources/mit2_43_s24_toc_slides_pdf/
Complete course analytical index with hyperlinks to slides and video timestamps: https://ocw.mit.edu/courses/2-43-advanced-thermodynamics-spring-2024/resources/mit2_43_s24_index_slides_pdf/
YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP6309d0oJDiVo1CvxUQXJ2il

This lecture covers: Energy vs entropy diagrams to represent equilibrium and nonequilibrium states, adiabatic availability, available energy. Energy and entropy balances. Criteria for reversibility. Minimum entropy decrease to extract energy from a stable equilibrium state.

Instructor suggests to set viewing speed at 1.5 for faster learning.

Slides for this lecture: https://ocw.mit.edu/courses/2-43-advanced-thermodynamics-spring-2024/resources/mit2_43_s24_lec03_pdf/

Key moments:

00:00:00 - Introduction
00:01:27 - Review: Definition of Property Energy
00:03:17 - Review: Energy Balance Equation
00:05:14 - Review: Second Law of Thermodynamics
00:07:40 - Review: Definition of Temperature of a Reservoir
00:07:56 - Review: Definition of Property Entropy
00:09:41 - Review: Engineering Meaning of Entropy
00:11:36 - Criteria for Reversibility of a Weight Process
00:14:29 - Review: Entropy Balance Equation
00:18:07 - Review: Maximum Entropy Principle
00:20:10 - Review: State Principle and Fundamental Relation
00:23:35 - Gibbs Relation
00:25:19 - Temperature, Pressure, and Chemical Potentials
00:49:32 - Necessary Conditions for Mutual Equilibrium
00:53:22 - Graphical Representation of Basic Concepts
00:54:20 - Contruction of the Energy vs Entropy Diagram
00:57:11 - Representation of Non-Stable-Equilibrium States
01:01:47 - Special Systems with Upper Bounded Energy
01:22:07 - Review: Definition of Adiabatic Availability
01:23:39 - Representation of Adiabatic Availability
01:27:32 - Review: Mutual Equilibrium and Thermal Reservoir
01:33:52 - Representation of States of a Thermal Reservoir
01:34:45 - Review: Definition of Available Energy
01:36:13 - Representation of Available Energy
01:43:32 - A System in a Stable Equilibrium State Cannot...

License: Creative Commons BY-NC-SA
More information at https://ocw.mit.edu/terms
More courses at https://ocw.mit.edu
Support OCW at http://ow.ly/a1If50zVRlQ

We encourage constructive comments and discussion on OCW’s YouTube and other social media channels. Personal attacks, hate speech, trolling, and inappropriate comments are not allowed and may be removed. More details at https://ocw.mit.edu/comments.



Learn more about your ad choices. Visit megaphone.fm/adchoices

Learn more about your ad choices. Visit megaphone.fm/adchoices