Summary: In social psychology, reciprocity refers to responding to a positive action with another positive action, and responding to a negative action with another negative one. Positive reciprocal actions differ from altruistic actions as those only follow from other positive actions and they differ from social gift giving in that those are not actions taken with the hope or expectation of future positive responses.

Reciprocal actions are important to social psychology as they can help explain the maintenance of social norms. If a sufficient proportion of the population interprets the breaking of a social norm by another as a hostile action and if these people are willing to take (potentially costly) action to punish the rule-breaker then this can maintain the norm in the absence of formal sanctions. The punishing action may range from negative words to complete social ostracism.

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This paper shows that reciprocity has powerful implications for many economic domains. It is an important determinant in the enforcement of contracts and social norms and enhances the possibilities of collective action greatly. Reciprocity may render the provision of explicit incentive inefficient because the incentives may crowd out voluntary co-operation. It strongly limits the effects of competition in markets with incomplete contracts and gives rise to noncompetitive wage differences. Finally, reciprocity it is also a strong force contributing to the existence of incomplete contracts.

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