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A mixture of solid particles with base fluid, sometimes in the presence of a surfactant, is referred to as a nanofluid. The effects of nanoparticles, the base fluid, and when present, the surfactant, on nanofluid thermal conductivity can be investigated experimentally. The purpose of this chapter is to explain how to predict the thermal conductivity of nanofluids theoretically. The main existing theoretical models are explained one by one, including the effective medium theory, Brownian models, nanolayer models, aggregation models, and models based on molecular dynamics simulation. Additionally, some of the recently developed models are examined. Finally, the level of accuracy of selected models is examined by comparison to existing experimental data.

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