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The agent-level program can be done in parallel for all agents, so this method scales near-optimally in the number of processors. [ 3 ] The mechanism has been considered for the task of assigning students to courses at the Wharton School of the University of Pennsylvania .
“For example, if I am the agent in a dual agency arrangement, I cannot make suggestions to a buyer about how much to offer, because that’s not fairly representing the seller,” she says.
An economic equilibrium is a situation when the economic agent cannot change the situation by adopting any strategy. The concept has been borrowed from the physical sciences. Take a system where physical forces are balanced for instance.This economically interpreted means no further change ensues.
The multiple principal problem, also known as the common agency problem, the multiple accountabilities problem, or the problem of serving two masters, is an extension of the principal-agent problem that explains problems that can occur when one person or entity acts on behalf of multiple other persons or entities. [1]
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Figure 3: Profit maximising condition for the firm in the Robinson Crusoe economy Assume that when the firm produces C amount of total coconuts, Π {\displaystyle \Pi } represents its profit level. Also assume that when the wage rate at which the firm employs labour is w , L is the amount of labour that will be employed.
In economics, an agent is an actor (more specifically, a decision maker) in a model of some aspect of the economy. Typically, every agent makes decisions by solving a well- or ill-defined optimization or choice problem. For example, buyers and sellers are two common types of agents in partial equilibrium models of a single market.
Kilgore estimated that the number of agents could decrease as much as 50% as a result of the NAR settlement, with the remaining agents likely to be "more professional, more efficient agents."