For one homogeneous thermoelectric material, the dimensional thermoelectric figure of merit is
The dimensionless quantity is . The Seebeck coefficient measures the open-circuit voltage response to a temperature difference and reflects the energy asymmetry of charge-carrier transport. The electrical conductivity depends on carrier density and mobility and sets electrical loss; . The thermal conductivity is , with contributions from carriers and phonons, and represents unwanted heat leakage.
Increasing carrier concentration usually raises while reducing once transport becomes strongly degenerate. The electronic part of also tends to rise, approximately through the Wiedemann-Franz law where applicable. This competition produces an intermediate optimum, commonly in heavily doped semiconductors, rather than in a very resistive insulator or an ordinary high-carrier-density metal. The optimum depends on band structure and scattering; the schematic is not a universal measured concentration curve.
Figure 1.
Thermoelectric carrier trade-offs, a generator couple and load matching
. Original normalized carrier-property curves, a circuit schematic and the calculated dimensionless load-power curve. The carrier curves illustrate competing trends and do not assert material-specific measurements. Details.

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