In an excellent article on Bloomberg, Noah Smith talks about high frequency contracts and the impact this will have on the way our economy works. In the future he envisions, contracts for work will be automatically and in real-time negotiated between machines, according to changing market conditions, performance and competition.
Like the financial markets, which have long moved from shouting pitchmen in trading pits to high frequency online trading, advertising has moved to real-time automation too. Starting with pay per click advertising in the early days of the internet, the online banner advertising space has now largely moved to an automated, programmatic environment.
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