Partial agonist review
Ok, i've done some more reading, and can now post a summary/review:
Introduction
A partial agonist's mechanism for it's reduction in efficacy compared to the endogenous agonist is it's abillity to act as a competitive antagonist in addition to it's abillity to act as an agonist at a receptor, resulting in a mixed activity profile. In a outcome-oriented way, this appears that the ligand in question appears only x % as effacious at producing receptor activation as the endogenous agonist at full receptor saturation by the ligand - being either "activated" or "not-activated" - although there are caveats to this that are discussed later in this review in the section on functional selectivity.
This ratio of agonist:antagonist behaviour can thus be understood as a sort of probabillity.
The reduced efficacy confusion syndrome
Many times, some have become confused with the concept of a partial agonist, considering it to be a ligand that produces a "halfway response" or such, at the receptor level. In reality, this view is actually somewhat incompatiable with the molecular basis of neurotransmission. A g-protein may either be released, or not released. It cannot be half-released. A ion channel either opens or it does not. (there are exceptions on the ion channels, but we'll ignore these slight oddities here as they really are oddities - we're trying to account for typical behaviours here, not account for *everything*...)
A model of partial agonist transmission...
A simpler and more logical explanation of receptor behaviour than the "halfway activated" model that still accounts for the same outcome exists - let us consider that a synapse contains 1000 receptors, for a simple model to give examples on.
If a partial agonist ligand has 50% efficacy and very high affinity, when a high enough concentration of it is introduced to the synapse in question, all the receptors will be bind said ligand - but only 50% will activate - in this case, being 500. This results in a diminished neuron response than if a full agonist had been used, because the elicited action potential that will result will be only half as powerful than if all of the receptors had been activated and opened their coupled ion channels... through g-proteins or not. It doesn't matter whether they are ionotropic and metabotropic receptors here.
So see, you still get the diminished response, but at a higher level (synaptic level) than at the receptor level.
Functional selectivity
However, agonists (and partial agonists too) may produce a phenomenon named functional selectivity (or ligand-directed signaling) where a ligand may evoke different signalling from a receptor, most probably by causing a different receptor protein conformation. This may have some quite interesting outcomes, as quite different behaviours (and not just those mediated by action potential generation!) in the parent neuron may occur as a result of this different G-protein activation and event cascade, with downstream effects such as receptor phosphorylation, genetic transcription expression changes, etc.
An example of this type of behaviour can be seen in the distinct signalling differents seen in hallucinogenic & non-hallucinogenic 5-HT2A ligands - user Black has helpfully provided this quote from ref 3:
While lisuride and LSD both act at 2AR expressed by cortex neurons to regulate phospholipase C, LSD responses also involve pertussis toxin-sensitive heterotrimeric Gi/o proteins and Src.
The reason that this additional type of signalling behaviour has been mentioned in this review is that it is yet another mechanism for production of different signalling behaviours, that may appear to be partial agonist-like in come contexts.
References:
Mechanistic explanation for the unique pharmacologic properties of receptor partial agonists. (Biomed. & Pharmacother. 2005 Apr;59(3):76-89)
Ligand-directed signaling: 50 ways to find a lover. (Mol Pharmacol. 2007 Nov;72(5):1359-1368 )
Hallucinogens Recruit Specific Cortical 5-HT2A Receptor-Mediated Signaling Pathways to Affect Behavior. (Neuron 2007 Feb;53(3);439-452)
Also, thanks Monkey Mantra, i'm glad you're finding them useful.
I hope everyone finds this post useful too

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