Wednesday, May 11, 2016

Get Ready for High-Frequency Lawyers - Bloomberg View

Get Ready for High-Frequency Lawyers - Bloomberg View: Machine-driven optimisation.

"Picture supply chains managed by algorithms, with purchasing contracts adjusted at high frequencies in response to constant flows of data about sales, shipping times, manufacturing costs, and so on. Imagine demand shifting back and forth across continents at close to the speed of light, switching small-batch production and shipping orders from one bidder to the next. Instead of high-frequency traders, imagine high-frequency lawyers, adjusting contracts to reward contractors appropriately for tiny improvements in efficiency, using sophisticated statistical analysis to figure out whether performance is being driven by outside conditions or by the contractor’s skill and effort. Of course, in this sci-fi vision, the contractor will also be a robot, using equally sophisticated procedures to optimize its payment relative to its cost."

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