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CONTRACT L
The employee gets paid the following wage:
If coin = Head
If coin = Tail
\( \text{Wage} = 1.8 \times \begin{pmatrix} \color{#00CC66}{Green}\\ effort \end{pmatrix} + 1 \)
\( \text{Wage} = 1.8 \times \begin{pmatrix} \color{#3399FF}{Blue}\\ effort \end{pmatrix} + 1 \)
CONTRACT R
The employee gets paid the following wage:
\( \text{Wage} = 0.9 \times \begin{pmatrix} \color{#00CC66}{Green}\\ effort \end{pmatrix} + 0.9 \times \begin{pmatrix} \color{#3399FF}{Blue}\\ effort \end{pmatrix} + 1 \)
Select the efforts that you think the employee will choose for CONTRACT L
Effort easy task
Effort difficult task
Cost of efforts
formula
$$ \text{Cost of efforts} = 0.5 \times \left[ \begin{pmatrix} Effort\\ easy\\ task \end{pmatrix} + 2 \times \begin{pmatrix} Effort\\ difficult\\ task \end{pmatrix} \right] ^{\Large{2}} $$
If coin = Head
formulas
Wage
Your points
Employee's points
If coin = Tail
formulas
Wage
Your points
Employee's points
Select the efforts that you think the employee will choose for CONTRACT R
Effort easy task
Effort difficult task
Cost of efforts
formula
$$ \text{Cost of efforts} = 0.5 \times \left[ \begin{pmatrix} Effort\\ easy\\ task \end{pmatrix} + 2 \times \begin{pmatrix} Effort\\ difficult\\ task \end{pmatrix} \right] ^{\Large{2}} $$
formulas
$$ \begin{align} \text{Your points} &= \text{Wage} - \text{Cost of efforts} \\ \text{Employer's points} &= (32 \times \text{low effort task}) + (4 \times \text{high effort task}) - \text{Wage} \end{align} $$
Wage
Your points
Employee's points
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R
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