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An ontology used to describe economic processes in open networks. It is used to model any economic process within and between OVNs.
Was proposed by Willian McCharthy from Michigan State University.
The economic primitives of the original REA model (economic resources, economic events, economic agents, duality relationships, stock-flow relationships, control relationships and responsibility relationships) plus some newer components (commitments, types, custody, reciprocal, etc.) will be analyzed individually and collectively as a specific domain ontology. Such a review can be used to guide further conceptual development of REA extensions.