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EspañolAGENT (ECONOMICS)
(Redirected from Economic agent)
In economics, an 'agent' is an actor in a model that (generally) solves an optimization problem. In this sense, it is equivalent to the term 'player', which is also used in economics, but is more common in game theory. For example, ''buyers'' and ''sellers'' are two commonly-encountered types of agents in partial equilibrium models of a single market. Macroeconomic models, especially dynamic stochastic general equilibrium models that are explicitly based on microfoundations, often distinguish households, firms, and governments or central banks as the main types of agents in the economy. Each of these agents may play multiple roles in the economy; households, for example, might act as consumers, as workers, and as voters in the model. Some macroeconomic models distinguish even more types of agents, such as workers and shoppers[1] or commercial banks.[2]
The term is also commonly used in relation to principal-agent models; in this case it refers specifically to the agent who acts on behalf of a principal.[3]
In recent years, the concept of an ''agent'' within economics has been more broadly interpreted to be any persistent individual, social, biological, or physical entity interacting with other such entities within the context of a dynamic multi-agent economic system. See, for example, Agent-Based Computational Economics.
★ Homo economicus
★ Rational agent
★ Representative agent
★ Agency (law)
1. Robert Lucas, Jr., and Nancy Stokey (1987), 'Money and interest in a cash-in-advance economy'. ''Econometrica'' 55 (3), pp. 491-513.
2. Timothy S. Fuerst (1992), 'Liquidity, loanable funds, and real activity'. ''Journal of Monetary Economics'' 29 (1), pp. 3-24.
3. Joseph E. Stiglitz (1987). "Principal and agent", ''The '', v. 3, pp. 966-71.
In economics, an 'agent' is an actor in a model that (generally) solves an optimization problem. In this sense, it is equivalent to the term 'player', which is also used in economics, but is more common in game theory. For example, ''buyers'' and ''sellers'' are two commonly-encountered types of agents in partial equilibrium models of a single market. Macroeconomic models, especially dynamic stochastic general equilibrium models that are explicitly based on microfoundations, often distinguish households, firms, and governments or central banks as the main types of agents in the economy. Each of these agents may play multiple roles in the economy; households, for example, might act as consumers, as workers, and as voters in the model. Some macroeconomic models distinguish even more types of agents, such as workers and shoppers[1] or commercial banks.[2]
The term is also commonly used in relation to principal-agent models; in this case it refers specifically to the agent who acts on behalf of a principal.[3]
In recent years, the concept of an ''agent'' within economics has been more broadly interpreted to be any persistent individual, social, biological, or physical entity interacting with other such entities within the context of a dynamic multi-agent economic system. See, for example, Agent-Based Computational Economics.
| Contents |
| See also |
| References |
See also
★ Homo economicus
★ Rational agent
★ Representative agent
★ Agency (law)
References
1. Robert Lucas, Jr., and Nancy Stokey (1987), 'Money and interest in a cash-in-advance economy'. ''Econometrica'' 55 (3), pp. 491-513.
2. Timothy S. Fuerst (1992), 'Liquidity, loanable funds, and real activity'. ''Journal of Monetary Economics'' 29 (1), pp. 3-24.
3. Joseph E. Stiglitz (1987). "Principal and agent", ''The '', v. 3, pp. 966-71.
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