Chapter

Entitlements and Obligations

Ekkehart Schlicht

in On Custom in the Economy

Published in print March 1998 | ISBN: 9780198292241
Published online November 2003 | e-ISBN: 9780191596865 | DOI: http://dx.doi.org/10.1093/0198292244.003.0003
 Entitlements and Obligations

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Market interactions are brought about by the interplay of entitlements and obligations. Entitlements are rights, as perceived by the individuals. They are subjectively perceived rights that go along with a motivational disposition to defend them. Obligations are the counterparts of entitlements. They refer to claims of others that are subjectively accepted, and go along with a motivational disposition to respect these claims. Very simple transactions must rely on a system of entitlements and obligations. Simple selfishness would not be sufficient to bring them about or sustain them. This is especially true for non‐enforceable contracts. The relationship of entitlements and obligations to norms is also discussed.

Keywords: claims; contract enforcement; contracts; entitlements; interactions; motivation; norms; obligations; rights

Chapter.  6197 words.  Illustrated.

Subjects: Microeconomics

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