Representative Agent
/ˌrɛprɪˈzɛntətɪv ˈeɪdʒənt/
Definitions
- (n.) An entity authorized to act on behalf of another in legal or economic contexts, often used in principal-agent relationships.
The representative agent signed the contract for the corporation.
- (n.) In economic and legal scholarship, a theoretical construct modeling the behavior of an aggregated individual acting in place of a group or market.
The study employed a representative agent to simplify the analysis of market dynamics.
Forms
- representative agent
- representative agents
Related terms
See also
Commentary
In legal contexts, a representative agent acts with authority granted by another party; in economic and legal theory, the term also denotes an abstract model simplifying group behavior.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.