"Mommy! Janey got more ice cream than me! Unfair!" For kids– and many grownups– the concept of what's reasonable or not often involves comparing amounts of some valuable thing. But there's another, more nuanced principle of fairness that appear in certain kinds of negotiations..

In this episode of Choiceology with Katy Milkman (), we look at what people view as fair or not in the middle of changing circumstances.

At the turn of the 20th century, expert baseball had actually entered what happened called the dead-ball period. Pitchers had an unique benefit over batters, resulting in low-scoring games and a substantial drop in attendance. Owners and league authorities chose they needed to change some rules to lure fans back to their arenas. One alternative on the table was to prohibit the spitball.

John Thorn () discusses the history of the spitball and other doctored pitches and describes the state of baseball at the time. While empty bleachers were clearly bad for the bottom line, the owners likewise recognized the problem of executing a guideline modification that would likely damage some pitchers' professions. You'll hear about the smart service that the league arrived at to make sure a more interesting game without alienating their players.

John Thorn is the main historian for Major League Baseball () and the author of Baseball in the Garden of Eden: The Secret History of the Early Game. ().

Next, Richard Thaler () signs up with Katy to discuss his pioneering deal with Daniel Kahneman and Jack Knetsch in describing the concept of dual privilege. You'll hear about a number of various circumstances where the phenomenon happens and how it connects to status quo bias.

Richard Thaler is a Nobel Prize-winning economist and the Charles R. Walgreen Distinguished Service Teacher of Behavioral Science and Economics at the University of Chicago's Booth School of Organization (). He is the author of several books, including Misbehaving: The Making From Behavioral Economics ().

Choiceology is an original podcast from Charles Schwab (). For more on the series, see schwab.com/podcast ().

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Crucial Disclosures:.

All expressions of opinion are subject to change without notice in reaction to shifting market conditions.

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.

Data included herein from third-party companies is gotten from what are thought about reliable sources. Nevertheless, its precision, completeness or dependability can not be guaranteed.

All business names are for illustrative purposes only and are not a suggestion, deal to offer, or a solicitation of an offer to purchase any security.

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