Relations between effectiveness (epsilon) and expense coefficients (zeta) were derived, and an economic simulation model was developed to simulate heat exchangers (HE) and HE networks (HEN) in all flow types for the first time. epsilon values of parallel flow, counter flow, cross flow and all HEs under the condition of C-r = 0 were derived in terms of zeta, NTU (Number of Transfer Unit) and minimum heat capacities (C-min). epsilon values obtained from economic calculations were used for developing economic simulation model of HEs. Vectors including outlet temperatures and inlet temperatures of flows were obtained from static simulation to utilize in economic simulation model. Then, case studies were performed with counter flow HE and epsilon values randomly determined in a sample HEN. Use (N), expense (P) and savings (E) of all HEs in a HEN were calculated easily by the way of linear equation systems without any complex processes, iterations, software and special hardware, in terms of both cold and hot flows properties by using economic simulation model. (C) 2018 Karabuk University. Publishing services by Elsevier B.V.