Consequently, the incentive for agents with a low productivity to mimic highly productive agents is reduced and the misallocation of effort is mitigated.
She arranged 35 property sales last year totaling more than $20 million, making her one of the most productive agents in Westchester.
Another factor is what percentage of the commission the listing agent has to hand over to his or her employer; at large firms, less experienced or less productive agents may not pocket even half of the commission they earn.
The price per unit of time that a particular kind of labour commands in the market depends not only upon the technical efficiency of the labourer but also upon the demand for the particular services that he is able to furnish, upon their relative scarcity, and upon the supply of other productive agents.
When analyzing how competition for productive agents can interact with the firm's incentive schemes undermining work ethics, Bénabou and Tirole (2016) find that wage taxation reduces the misallocation of effort that arises due to market frictions.
From the development perspective, microfinance is all about giving poor people a chance to work themselves out of poverty to be treated as responsible, productive agents with the capacity to improve their own lives if given the same chances that more wealthy people in more developed countries can afford.
The addition of the productive free-agent forwards Mike Richards and Simon Gagne give the Kings an outside chance at the first Stanley Cup of their 44-year existence.
In his second, A General Theory of Exploitation and Class (1982), he employed game theory to show how the emergence of coalitions of agents, closely resembling Marxian social classes, could be explained by the differential endowment of such agents with productive resources such as labour power or ownership of capital.
This is one of art's advantages in being a catalyst for change in society - and healthy, creative, productive individuals are the agents of that change.
Women, due to their increasingly productive roles, could become agents of either land degradation or restoration.
