EC50
The parameter EC50 is abbreviated for 'half maximal effective concentration'. In a pharmacological context, this can be the concentration of a drug necessary to cause half of the maximum possible effect. In a binding experiment, the EC50 is the ligand concentration at which half of the Target is present in the bound state.
The EC50 and the Kd models quantify interactions and are usually used to compare the Binding Affinity of different ligands. Using the Kd Fit Model for data evaluation will yield a Kd while using the Hill Model will yield an EC50 value.
However, there is an important difference: the Kd is a physical property of the interaction and independent of the target concentration. Kds can generally be compared across technologies as long as the general interaction conditions are the same (for example, buffer conditions, protein construct, etc).
The EC50, on the other hand, by definition, always depends on the target concentration. It is often measured via the effect it induces, for example, in cell-based assays, and allows only the comparison of ligands measured in the same experimental setup. In situations where the target concentration is lower than the Kd, Kd and EC50 will have the same value, provided the interaction follows a 1:1 stoichiometry, is non-cooperative, and is determined by the law of mass action. In situations where the target concentration is in the range of or above the Kd, Kd and EC50 can differ significantly.
Example
If a given interaction has a Kd value of 2 nM (a quite high affinity) and the target is present at a concentration of 2 µM, a ligand concentration of 1 µM is necessary to reach a state where half of all target molecules are in the bound state. By definition, the EC50 amounts to 1 µM (500*Kd) in this case.