Decision theory | Asymmetric information

Agent (economics)

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 (consumers) and sellers (producers) are two common 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 or commercial banks. The term agent is also used in relation to principal–agent models; in this case, it refers specifically to someone delegated to act on behalf of a principal. In agent-based computational economics, corresponding agents are "computational objects modeled as interacting according to rules" over space and time, not real people. The rules are formulated to model behavior and social interactions based on stipulated incentives and information. The concept of an agent may be broadly interpreted to be any persistent individual, social, biological, or physical entity interacting with other such entities in the context of a dynamic multi-agent economic system. (Wikipedia).

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The Explainer: What is a Business Model?

"Business model" and "strategy" are among the most sloppily used terms in business. --------------------------------------------------------------------- At Harvard Business Review, we believe in management. If the world’s organizations and institutions were run more effectively, if our

From playlist The Explainer

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Business Analytics Overview || What is Business Analytics?

Business analytics (BA) refers to the skills, technologies, practices for continuous iterative exploration and investigation of past business performance to gain insight and drive business planning. #Business #analytics focuses on developing new insights and understanding of business perfo

From playlist Business Analytics

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2. Utilities, Endowments, and Equilibrium

Financial Theory (ECON 251) This lecture explains what an economic model is, and why it allows for counterfactual reasoning and often yields paradoxical conclusions. Typically, equilibrium is defined as the solution to a system of simultaneous equations. The most important economic mode

From playlist Financial Theory with John Geanakoplos

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What are index options? What are currency options?

In todays video we will learn about options on foreign exchange and index options. These classes are all based on the book Trading and Pricing Financial Derivatives, available on Amazon at this link. https://amzn.to/2WIoAL0 Check out our website http://www.onfinance.org/ Follow Patrick

From playlist Class 5 - Options Wrap Up

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What is an Options Contract in Finance

These classes are all based on the book Trading and Pricing Financial Derivatives, available on Amazon at this link. https://amzn.to/2WIoAL0 Check out our website http://www.onfinance.org/ Follow Patrick on twitter here: https://twitter.com/PatrickEBoyle What are Financial Options? Opt

From playlist Class 2: An Introduction to Options

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AI for Engineers: Building an AI System

Artificial intelligence (AI) is a simulation of intelligent human behavior. It is designed to perceive its environment, make decisions, and take action. Get an overview of AI for engineers, and discover the ways in which artificial intelligence fits into an engineering workflow. You’ll lea

From playlist 深度学习(Deep Learning)

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Ex: Equilibrium Point

This video shows an example of how to determine the point of equilibrium given the supply and demand functions. Complete Video Library at www.mathispower4u.com

From playlist Business Applications of Integration

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The AI Economist: Improving Equality and Productivity with AI-Driven Tax Policies (Paper Explained)

Hail the AI Tax Collector! This very visual framework has RL Agents maximize their coins in a tiny world through collecting, building and trading. But at the same time, the government is also an AI trying to maximize social welfare via taxes. What emerges is very interesting. Paper: https

From playlist Reinforcement Learning

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A conversation between Fred Meinberg and Stephen Wolfram at the Wolfram Summer School 2021

Stephen Wolfram plays the role of Salonnière in this new, on-going series of intellectual explorations with special guests. Watch all of the conversations here: https://wolfr.am/youtube-sw-conversations Follow us on our official social media channels. Twitter: https://twitter.com/Wolfram

From playlist Conversations with Special Guests

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Fifteenth SIAM Activity Group on FME Virtual Talk

Date: Thursday, December 10, 1PM-2PM Early Career Talks Speaker 1: Dena Firoozi, HEC Montréal - University of Montreal Title: Belief Estimation by Agents in Major-Minor LQG Mean Field Games Speaker 2: Sveinn Olafsson, Columbia University Title: Personalized Robo-Advising: Enhancing Inves

From playlist SIAM Activity Group on FME Virtual Talk Series

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Simulation: The Challenge for Data Science

While machine learning has recently had dramatic successes, there is a large class of problems that it will never be able to address on its own. To test a policy proposal, for example, often requires understanding a counterfactual scenario that has never existed in the past, and that may

From playlist Turing Seminars

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Policy Priority Inference: Simulations for Government Strategy | AISC

For slides and more information on the paper, visit https://ai.science/e/synthetic-data-policy-priority-inference-simulations-for-government-strategy--9wTcGo34oeeckPY6ncLz Speaker: Omar Guerrero, PhD ; Host: Chenda Bunkasem Motivation: This research shows how synthetic data can be used

From playlist Synthetic Data

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Public lecture 1 - Jean-Philippe Bouchaud “Crises économiques et financières : un point de vue...

Public lecture 1 - Jean-Philippe Bouchaud “Crises économiques et financières : un point de vue de physicien” « The Economic Crisis is a Crisis for Economic Theory » a récemment écrit Alan Kirman. La théorie en question affirme que les agents sont rationnels et les marchés sont « efficien

From playlist T1-2015 : Disordered systems, random spatial processes and some applications

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Session 6, Public Policy Stage - The role of computational social science in policymaking

In this session the Public Policy programme at the Alan Turing Institute is launching the Modelling for Policy Theme followed by a panel on the role of computational social science (CSS) for policy-making. The expert panelists are world-leading academics who have made seminal contributions

From playlist AI UK 2022 - PUBLIC POLICY STAGE

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Pierre Degond: On the interplay between kinetic theory and game theory

Abstract: We propose a mean field kinetic model for systems of rational agents interacting in a game theoretical framework. This model is inspired from non-cooperative anonymous games with a continuum of players and Mean-Field Games. The large time behavior of the system is given by a macr

From playlist Mathematics in Science & Technology

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General discussion - Bernard Harcourt

Au coeur de l'Etat Comment les institutions traitent leur public International Conference supported by the European Research Council École des Hautes Études en Sciences Sociales (Paris) and Institute for Advanced Study (Princeton) Paris, 11 & 12 June 2012 More videos on http://video.ias

From playlist Social Science

Related pages

Principal (commercial law) | Homo economicus | Partial equilibrium | Dynamic stochastic general equilibrium | Principal–agent problem | Agent-based computational economics