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I usually see one about every 20-25 years; of these, most fall apart, maybe one per century leads to inheritance. In my current (Burgundy) game, a century in, England has formed a PU with Austria, and France with Brittany, and Savoy inherited Cleves, but I have not seen any others.
 
I believe your game settings for lucky nations affects this (no lucky nations=fewer PUs, small lucky nations from random will do the same as they will have trouble getting prestige early). You also will see far fewer in certain parts of the world compared to others (although western Europe is the hotbed location for them).
 
In my new Austria game, in 1402, after Royal Marriages with about 6 other countries, I just outright inherited the throne of Bavaria, totally bypassing a PU. I was shocked. I've never seen this and have only heard about instant inheritance.
 
In my Brandenburg game, I PU with Bohemia and Hungary through RM's and inhertied. Also there has been about 1 PU or inhertenence every 10-15 years. What version are u playing?
 
I just started an austria game and by 1408 i had bavaria and bohemia in PU and inherited by 1423. I was actually shocked at how easy it was to force a PU on bohemia. I am now emperor and i just smashed france badly so everyone now piled on them after i declared peace. I am slightly concerned now that there is nobody left who will be much of a challenge :(.
 
I just started an austria game and by 1408 i had bavaria and bohemia in PU and inherited by 1423. I was actually shocked at how easy it was to force a PU on bohemia. I am now emperor and i just smashed france badly so everyone now piled on them after i declared peace. I am slightly concerned now that there is nobody left who will be much of a challenge :(.

This is why I never, ever, will force a PU. It's too easy and makes you way too powerful. Same thing with Ni swapping after you grab an assosciated decision and the like-too much benefit for too little penalty.
 
I dont' see it happen often, probably 1-2 every 50 years

This is more in-line with my experience vs 15-20 years (which seems abnormally frequent).

This is why I never, ever, will force a PU. It's too easy and makes you way too powerful. Same thing with Ni swapping after you grab an assosciated decision and the like-too much benefit for too little penalty.

I try to house-rule myself in doing the same. However, I'll make the exception in doing so for very specific situations, such as being Holland and needing 1 more Dutch province to form the Netherlands ... or attempting to form Germany and doing it on 2-3 minors. In the meantime, never do it to obtain a profound position of strength (ie Austria forcing PU on Bohemia to essentially control Europe's destiny).