Examlex
One of the earliest unions-if it could be called that-were stonemasons. During Medieval Europe, the skill of masonry was a closely guarded secret and one had to endure a seven-year apprenticeship before being allowed to independently practice the trade. On the completion of the apprenticeship, the new mason would receive his own set of tools (a critical form of compensation since the tools were expensive and securing a loan was very difficult) and join the union of masons (allowing the new mason to charge a high price for his labor) . As a result, hiring masons was very expensive. What made this union particularly successful?
Natural Disasters
Unpredictable and severe events caused by natural forces such as earthquakes, floods, hurricanes, and wildfires that can result in significant damage and loss of life.
Dictator Game
A game used in experimental economics to study decision-making, where one player (the "dictator") determines how to split an endowment between themselves and another player.
Ultimatum Game
A game in economic experiments where two players decide how to divide a sum of money, with one proposing the split and the other accepting or rejecting it.
Time Inconsistency Problems
A situation in which a person's preferences change over time, such that what they plan to do in the future is inconsistent with their future desires, leading to potential issues in decision-making or policy settings.
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