10 January 2011

Three sorts of entitlement

Three sorts of entitlement: one party's claim of: 
  1. property – allows them to interfere without compensation with another party's use of the good; 
  2. liability – allows them to interfere with compensation with another party's use of the good; 
  3. inalienability – prohibits anyone from transacting in the good for any reason. 
Property says the owner can transfer the good and the owner must be compensated for any changes in exclusivity in the use of the good; liability says the owner can transfer the good and the owner must compensate for any changes in exclusivity in the use of the good: inalienability says the owner cannot transfer the good and the owner might or might not have to compensate for any changes in exclusivity in the use of the good. 

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