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The term agent is also used in relation to principal–agent models; in this case, it refers specifically to someone delegated to act on behalf of a principal. [ 3 ] In agent-based computational economics , corresponding agents are "computational objects modeled as interacting according to rules" over space and time, not real people.
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The rational choice model, also called rational choice theory refers to a set of guidelines that help understand economic and social behaviour. [1] The theory originated in the eighteenth century and can be traced back to the political economist and philosopher Adam Smith. [2]
An agency cost is an economic concept that refers to the costs associated with the relationship between a "principal" (an organization, person or group of persons), and an "agent". The agent is given powers to make decisions on behalf of the principal.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
The "nearly archetypal example" is an artificial stock market model created by the Santa Fe Institute in 1989. [5] The model shows two different outcomes, one where "agents do not search much for predictors and there is convergence on a homogeneous rational expectations outcome" and another where "all kinds of technical trading strategies appearing and remaining and periods of bubbles and ...
The attorney general, by definition, represents the interest of the state in the dispute. Judges are supposed to represent neither party. FWIW, I'm pretty sure the "ag" abbreviation for "acting": comes from the Latin, "agere", meaning "to act" or "to do" or "to make happen".
In commercial law, a principal is a person, legal or natural, who authorizes an agent to act to create one or more legal relationships with a third party.This branch of law is called agency and relies on the common law proposition qui facit per alium, facit per se (from Latin: "he who acts through another, acts personally").