Land agent factor. Today the term estate manager or similar is more common. A land agent, also called a warrant agent, may also be a real estate agent or broker who specialises in land and farm sales. Land and farm sales differ drastically from sales of houses, therefore there is the need for specialisation. This usage is found in the United Kingdom, Australia, and the United States. The land agent can also be an agent of the oil and mining industry who negotiates with landowners for mineral and surface rights for the potential extraction of those minerals. This usage is primarily found
Representative agent group of heterogeneous agents to a representative agent is not just an analytical convenience, but it is ""both unjustified and leads to conclusions which are usually misleading and often wrong."" In his view, the representative agent ""deserves a decent burial, as an approach to economic analysis that is not only primitive, but fundamentally erroneous."" A possible alternative to the representative agent approach to economics could be agent-based simulation models which are capable of dealing with many heterogeneous agents. Another alternative is to construct dynamic stochastic general equilibrium (DSGE) models with heterogeneous agents, which is difficult, but is becoming more common