Short Answer

Diagnosing Institutional Failure on a Pirate Ship

A pirate ship is plagued by constant internal conflicts, theft of loot among crew members before it can be officially divided, and a general failure to cooperate during attacks, despite having a skilled crew and a capable vessel. From an economic perspective, explain the most likely underlying failure in the ship's 'rules of the game' that is causing these problems.

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Updated 2025-08-08

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