(abbreviated) This article considers recent advances in the investigation of the thermal and magnetic properties of integrable spin ladder models and their applicability to the physics of real compounds. The ground state properties of the integrable two-leg spin-1/2 and the mixed spin-(1/2,1) ladder models at zero temperature are analyzed by means of the Thermodynamic Bethe Ansatz. Solving the TBA equations yields exact results for the critical fields and critical behaviour. The thermal and magnetic properties of the models are investigated in terms of the recently introduced High Temperature Expansion method, which is discussed in detail. It is shown that in the strong coupling limit the integrable spin-1/2 ladder model exhibits three quantum phases: (i) a gapped phase in the regime $H<H_{c1}$, (ii) a fully polarised phase for $H>H_{c2}$, and (iii) a Luttinger liquid magnetic phase in the regime $H_{c1}<H<H_{c2}$. The critical behaviour in the vicinity of the critical points is of the Pokrovsky-Talapov type. The temperature-dependent thermal and magnetic properties are directly evaluated from the exact free energy expression and compared to known experimental results for a range of strong coupling ladder compounds. Similar analysis of the mixed spin-(1/2,1) ladder model reveals a rich phase diagram, with a 1/3 and a full saturation magnetisation plateau within the strong antiferromagnetic rung coupling regime. For weak rung coupling, the fractional magnetisation plateau is diminished and a new quantum phase transition occurs. The phase diagram can be directly deduced from the magnetisation curve obtained from the exact result derived from the HTE. The thermodynamics of the spin-orbital model with different single-ion anisotropies is also investigated.
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