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Explore contract design from a computational perspective in this 55-minute Google TechTalk that examines how to incentivize individuals effectively through algorithmic approaches. Learn about combinatorial extensions of classical contract design models where a principal delegates tasks to one or multiple agents, with agents having sets of potential actions to complete tasks and success determined stochastically by chosen actions. Discover the structure and computational aspects of these models, including algorithms that provide approximately optimal guarantees. Understand how contract design applies to real-world scenarios such as determining employee bonuses, setting sales commission structures, and designing payment schemes for influencers. Gain insights into this fundamental pillar of microeconomics that earned Hart and Holmström the Nobel Prize, now analyzed through the lens of computer science and economics intersection, focusing on designing simple mechanisms and algorithms in limited information environments.
