TY - JOUR
T1 - Property rights and risk aversion: evidence from a titling program
AU - Aragón, Fernando M.
AU - Molina, Oswaldo
AU - Outes-León, Ingo W.
N1 - Publisher Copyright:
© 2020 Elsevier Ltd
PY - 2020/10
Y1 - 2020/10
N2 - Evidence suggests that major events, like war or natural disasters, affect risk attitudes. This paper shows that similar effects can also be associated with institutional changes, such as improved property rights. Using the case of a large titling program in Peru, we find that the program reduced risk aversion. The effects are sizable, persistent, and seem to be driven by improved security of tenure. These results highlight an understudied channel through which property rights could shape economic outcomes.
AB - Evidence suggests that major events, like war or natural disasters, affect risk attitudes. This paper shows that similar effects can also be associated with institutional changes, such as improved property rights. Using the case of a large titling program in Peru, we find that the program reduced risk aversion. The effects are sizable, persistent, and seem to be driven by improved security of tenure. These results highlight an understudied channel through which property rights could shape economic outcomes.
KW - Property rights
KW - Risk aversion
KW - Security of tenure
KW - Property rights
KW - Risk aversion
KW - Security of tenure
UR - https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85086726614&origin=inward
UR - http://www.scopus.com/inward/record.url?scp=85086726614&partnerID=8YFLogxK
UR - https://www.mendeley.com/catalogue/9728d467-1ead-3504-b501-34a6b1a99ad1/
U2 - 10.1016/j.worlddev.2020.105020
DO - 10.1016/j.worlddev.2020.105020
M3 - Article in a journal
SN - 0305-750X
VL - 134
JO - World Development
JF - World Development
M1 - 105020
ER -
