The notion of a representative agent is a hypothetical construct in economics. Also is knowing to as Rep, someone to represent a TT.OO or Travel Agency and offer some additional information about hotel destination and outside activities like excursions, expositions, shows, visit to some park attractions, etc.
Its origins can be traced back to the late 19th century. Francis Edgeworth (1881) used the term "representative particular", while Alfred Marshall (1890) introduced a "representative firm" in his Principles of Economics. However, only after Robert Lucas, Jr. (1976) had published his article about econometric policy evaluation, his famous Lucas critique, did representative agents become the dominant macroeconomic approach. Today's representative agent models are characterized by an explicitly stated optimization problem of the representative agent, which can be either a consumer or a producer. The derived individual demand or supply curves are then in turn used for the corresponding aggregate demand or supply curves.
