Get Ready for High-Frequency Lawyers

In a nutshell, Sannikov's theories describe how an employer would adjust a contractor's compensation in real time, in response to changing performance and external conditions. Where most previous researchers only allowed contracts to be updated at regular intervals, Sannikov described what happens when they can be changed infinitely fast. In reality, of course, Sannikov's work is just pure math conducted in an econ department. No one adjusts contracts by the microsecond.