Agent - in Economics

In Economics

• Agent (economics), actor and decision maker in a model
  • Homo economicus, concept in some economic theories of humans as rational and broadly self-interested actors
  • As discussed by economists as the principal–agent problem, agent means anyone supposed to act in the interests of the principal, especially insofar as the actions of the agent cannot be completely monitored by the principal. In this sense agent includes such diverse and common roles as auto mechanic, a doctor, a lawyer, an investment advisor, any fiduciary, a contractor, any employee (from the point of view of the employer), and a political representative in a democracy.
• Agent-based computational economics, computational study of economic processes modeled as dynamic systems of interacting agents
• Rational agent, entity which has clear preferences, models uncertainty via expected values, and always chooses to perform the action that results in the optimal outcome for itself from among all feasible actions
• Representative agent, refers to the typical decision-maker of a certain type