Sentence examples for representative agent from inspiring English sources

Solow also criticized DSGE models for frequently assuming that a single, "representative agent" can represent the complex interaction of the many diverse agents that make up the real world.

Covered persons include players, tournament support personnel and any "coach, trainer, therapist, physician, management representative, agent, family member, tournament guest, business associate or other affiliate or associate of any player".

"The trick will be to allege," Justice Scalia wrote, "not that counsel was ineffective, but rather that the counsel's ineffectiveness demonstrates that he was not a genuinely representative agent".

3 We extend a representative agent version of the model (see Goraus et al. 2014).

In the GTAP model, each region's representative agent aims to maximize the level of utility.

This representative agent derives utility from consumption of private goods (c) as well as public investment ((overline{g} ;g)).

Today's mainstream macro models contain a small number of "representative agents", such as a household, a non-financial business and the government, but no banks.

Unlike many models, ABMs are not populated with "representative agents": identical traders, firms or households whose individual behaviour mirrors the economy as a whole.

A set of representative agents is selected and their evolutionary behaviour analysed.

See, for example, Dow and Werlang (1988), Kirman (1992) and Jerison (1994) for more discussion on representative agents and how this relates to exact linear aggregation.

More specifically, they add that even the existence of a limited set of representative agents seems to be a very unrealistic hypothesis.