The perception of fairness can have a significant impact on wage and price formation, as we will discuss later. In the empirical literature, experiments have shown that individuals not only have preferences for maximising their own economic gain but also consider the perception of fairness. Some of the most famous experiments involve so-called dictator and ultimatum games. A dictator game involves a person choosing how much of a sum of money to share with another anonymous person. An ultimatum game works the same way, the difference being that the other party has the choice of accepting the offer or rejecting it. If the other party rejects the bid, neither participant earns anything. Research has shown that a significant percentage of players prefer to share a significant proportion of the money in the dictator game, and that bids perceived as too unfair are rejected in the ultimatum game.^[18] For a simple description, see for example Gärdenfors et al. (2017).