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I would be grateful if somebody could answer this question: Is VASP capable of doing "Hessian" runs in order to estimate differences in heat capacities and thus standard entropies? If yes, how to do it technically?

Hi,

If you want thermodynamic properties such as, Cp , S, E ... , run vibrational frequencies for your system, and then use those vibrational frequencies to calculate the properties using Statistical thermodynamics.

Cheers