Question

What is the economics behind the sense of entitlement? Are there any economic models that try to model this behavior? (Please cite sources. Thank you.)

Answer 1

Economic Entitlement:

• Distribution or exercise of an absolute privilege or right to an economic benefit(such as old age pension, social security,unemployment stipend) granted by contract or law, automatically uponmeeting the required qualification.
• Claim or right defended by reference to a precedence or established procedure.
• The decision related to the application of the economic entitlement provisions of the Duties Act 2000 (Vic) (Duties Act) to development agreements.

• The Court confirmed that an entity will not acquire an economic entitlement pursuant to the Duties Act where it acquires a right to benefit from some, but not all, of the land holdings of a landholder. The Court also confirmed that, even where an economic entitlement has been acquired, landholder duty will only apply where that economic entitlement constitutes an interest of 50 percent or more of the value of all of the relevant land holdings of a landholder (instead of that portion of the land holdings that the entity acquired an interest in).