Property rights and risk aversion: evidence from a titling program

Fernando M. Aragón; Oswaldo Molina; Ingo W. Outes-León

doi:10.1016/j.worlddev.2020.105020

Property rights and risk aversion: evidence from a titling program

Fernando M. Aragón
, Oswaldo Molina
, Ingo W. Outes-León

Research output: Contribution to journal › Article in a journal › peer-review

10 Scopus citations

Abstract

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.

Original language	English
Article number	105020
Journal	World Development
Volume	134
DOIs	https://doi.org/10.1016/j.worlddev.2020.105020
State	Published - Oct 2020

Bibliographical note

Publisher Copyright:
© 2020 Elsevier Ltd

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 1 No Poverty
SDG 8 Decent Work and Economic Growth
SDG 10 Reduced Inequalities
SDG 16 Peace, Justice and Strong Institutions
SDG 17 Partnerships for the Goals

Keywords

Property rights
Risk aversion
Security of tenure

Access to Document

10.1016/j.worlddev.2020.105020

Cite this

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title = "Property rights and risk aversion: evidence from a titling program",

abstract = "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.",

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note = "Publisher Copyright: {\textcopyright} 2020 Elsevier Ltd",

year = "2020",

month = oct,

doi = "10.1016/j.worlddev.2020.105020",

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volume = "134",

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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.

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/pages/publications/85086726614

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 -

Property rights and risk aversion: evidence from a titling program

Abstract

Bibliographical note

UN SDGs

Keywords

Access to Document

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