Sub-agent 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 buyer of a business, home, or property. Lasting until the early 1990s, the broker provided a conventional full-service, commission-based brokerage relationship under a signed listing agreement only with a seller, thus creating an agency relationship with fiduciary obligations under common law in most of the US and Canada. The seller was then a client of the broker. However, no such agency relationship existed with the buyer, and the broker's agents helped the
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