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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.
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".
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 ...
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 ...
In social science, agency is the capacity of individuals to have the power and resources to fulfill their potential. Social structure consists of those factors of influence (such as social class, religion, gender, ethnicity, ability, customs, etc.) that determine or limit agents and their decisions. [1]
Daniel Kahneman, who won the 2002 Nobel Memorial Prize in Economics for his work developing prospect theory. Prospect theory is a theory of behavioral economics, judgment and decision making that was developed by Daniel Kahneman and Amos Tversky in 1979. [1] The theory was cited in the decision to award Kahneman the 2002 Nobel Memorial Prize in ...