These two economic analyses are based on the second law of thermodynamics.
I suggest you this paper:
https://www.researchgate.net/publication/222274754_Definitions_and_nomenclature_in_exergy_analysis_and_exergoeconomics
In particular, section 5 answers specifically to your question.
Article Definitions and nomenclature in exergy analysis and exergoeconomics
Thermoeconomics is defined as the application of thermodynamic principles to economics, as well as the application of principles of economics to the efficient design of engineering and industrial processes. Thermoeconomics analyses the power generation economics from the exergetic point of view, wherein exergy is available work energy. Thermoeconomics is based on the assumption that energy is the only rational basis for constructing a costing function. Thermoeconomics applies the procedures of Engineering Accounting to operating parameters and exergy efficiency and pricing of the specific energy content of a stream. Thermoeconomics, therefore, is a valuable tool in the assessment of industrial processes and production cycles.
The exergoeconomic analysis have as a meaning objective, among others, determine the exergetics and monetary costs of all system components; allowing the knowledge and the comprehension of the forming process of these costs; promoting the optimization not only of the specific variables of each system component, but of the whole system. This detailed analysis was obtained with the contribution of the Thermodynamics Second Law in conjunction with exergetic analysis, in which, according to Tsatsaronis (1993), it would permit a better measurement to evaluate the magnitude of lost energy in relation to the amount of supplied energy under the form of energetic resource; it would also permit a better measurement of quality or loss from a thermodynamic point of view, thus becoming a good variable to define the reasonable efficiency for the energetic system.
http://www.worldatlas.com/articles/what-is-thermoeconomics.html
http://www.abcm.org.br/anais/encit/2006/arquivos/Thermal%20Engines/CIT06-0841.pdf
A thermoeconomic method combines expenditures of financial resources (economic) with thermodynamic equations of an energy system and provides a compromise between maximum thermodynamic performance and cost minimization. The thermoeconomic methods can be formulated using the second law of thermodynamics (exergy) with economic principles and these methods therefore are named exergoeconomics .
ASM. They are the same. When the economic analysis involves only the first law and the thermal efficiency, it is not called a "thermoeconomic", but just an "economic" analysis.
Exergoeconomic is defined as a branch of engineering that incorporates exergy analysis at the system component level into the economic laws, in order to provide useful information for the designer or operator to cost-effectively design or operate the system, while, Thermoeconomic, being a more general term and characterizing any combination of a thermodynamic and economic analysis, might also be used instead of the term exergoeconomic (but not vice versa).
Dear Mohammad
Thermoeconomics, being a more general term and characterizing any combination of a thermodynamic analysis with an economic one, might also be used instead of the term exergoeconomics (but not vice versa)
If we suppose the Thermo-Economic Study as an umbrella, the Exergoeconomic is beneath that.
An Exergoeconomic analysis is a Thermo-Economic, but the Thermo-Economic is not an Exergoeconomic study.
I suggest the folowing papers to you:
1. Rosen, M. A., & Dincer, I. (2003). Exergoeconomic analysis of power plants operating on various fuels. Applied Thermal Engineering, 23(6), 643-658.;
www.amazon.com › EXERGY-Energy-Environment-Sustainable-Dev...
Exergy: Energy, Environment and Sustainable Development ...
Exergy: Energy, Environment and Sustainable Development [Ibrahim Dincer, Marc A. Rosen] on ... by Ibrahim Dincer (Author), Marc A. Rosen (Author). 4.0 out of ...
This professor, who is specialist in the matter can give you better answer!!!
Eduardo Cavalcanti!!! from UFRN Brazil!!!!
From my understanding "thermoeconomics" is the broadest and most general term which refers to economic evaluations of thermal systems based on parameters such as: IRR, PBT, NPV, cost sensitivity. On the other side the term exergoeconomics is more specific and means the association of specific exergy values of a flow with the monetary value of that flow.
the exergoeconomics allows to evaluate the economy of the exergy efficiency of a given system, while the thermoeconomics should take into account the efficiencies of energy and exergy of the system on the economic production of work at the output of the system.
The quantitative influence of a variation of energy or exergy on the production and therefore the economic evaluation.
In general, to evaluate the efficiency and determine the best option of a system.
Energy has several forms. One of them is thermal. Exergeia is the useful part of energy that can be utilized furthermore.
Hi, there is no deference:
"In the 1960s, independent researchers suggested the joint application of exergy analysis and engineering economics which focused on formulating the interaction between cost and efficiency. The terms ‘exergoeconomics’ in Europe and ‘thermoeconomics’ in the United States were used interchangeably as having the same meaning. "
full text in :
https://www.worldatlas.com/articles/what-is-thermoeconomics.html
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