Thermoeconomic design and analysis of constant cross-sectional area fins

Abstract A closed-form model for the second-law-based thermoeconomic optimization of constant cross-sectional area fins, is discussed with an example problem. In this approach, different monetary values are attached to the irreversible losses caused by the finite temperature difference heat transfer (T0ΔT) and pressure drop (T0ΔP) in the fin application. In addition, a simplified closed-form solution is presented for the case when the capital cost of the fin is negligible and only operational costs are considered. To illustrate the usefulness of the present analytical approach, the simplified cost optimized results are compared with the numerical results obtained from Poulikakos and Bejan's analysis, who have assumed same monetary values for T0ΔT and T0ΔP. Furthermore, the influence of important fin thermal, physical, geometrical and cost parameters on the optimum Reynolds numbers ReDopt and ReLopt are presented in algebraic forms, and also graphical results are shown for the case of pin and plate fin, as examples.