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okay hello and welcome everyone in this video Im going to talk about some different contracts and the way that these influence incentives for workers so alright so for our set ups suppose we have the goal of hiring workers to produce gizmos well assume each worker has some effort cost function the idea is that though the worker might enjoy the job theres some costs associated with exerting high levels of effort so be given by this quadratic one-half e squared minus 4 e plus 16 well assume the workers utility is just going to be whatever is their compensation which could include a fixed and a variable component minus this effort cost will assume the worker will have some outside option so in this case 30,000 well assume total gizmo production is just Q is equal to e so theres one-to-one relationship between one unit of effort and one gizmo produced and well assume we can sell each gizmo for $16,000 and well assume our only cost as labor so maybe our gizmos are some type of servi
