Sub-agent is the Agent of the Buyer or Seller. The Sub-Agent is an agent of the Broker, works for the Broker, and represents the interest of the Broker. The formal position of a Sub-Agent in the hierarchy of real estate practitioners in the Philippines is equivalent to the rank of Salesperson. A Salesperson is described in Section 3 and Section 31 of the Real Estate Service Act of the Philippines (Republic Act 9646). Sub-agent Sub-agent (Sub-agency) is a real estate term in the United States and Canada describing the relationship which a real estate broker and his/her agents have with a
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