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

Producción científica: Contribución a una revista › Artículo de revista › revisión exhaustiva

11 Citas (Scopus)

Resumen

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.

Idioma original	Inglés
Número de artículo	105020
Publicación	World Development
Volumen	134
DOI	https://doi.org/10.1016/j.worlddev.2020.105020
Estado	Publicada - oct. 2020

Nota bibliográfica

Funding Information:
We would like to thank Chris Bidner, Stefan Dercon, Juan José Diaz, James Fenske, David Freeman, Francisco Galarza, Kristian Lopez, Rocco Macchiavello, Hugo Ñopo, Hitoshi Shigeoka, Máns Söderbom and seminar participants at Simon Fraser University, RAND and the Peruvian Central Bank for useful comments and suggestions. A previous version of this paper circulated under the title ‘Can public policies change risk aversion? The unexpected effects of a property titling program’.

Publisher Copyright:
© 2020 Elsevier Ltd

ODS de las Naciones Unidas

Este resultado contribuye a los siguientes Objetivos de Desarrollo Sostenible

ODS 1: Fin de la pobreza
ODS 8: Trabajo decente y crecimiento económico
ODS 10: Reducción de las desigualdades
ODS 16: Paz, justicia e instituciones sólidas
ODS 17: Alianzas para lograr los objetivos

Palabras clave

Property rights
Risk aversion
Security of tenure

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10.1016/j.worlddev.2020.105020

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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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AU - Aragón, Fernando M.

AU - Molina, Oswaldo

AU - Outes-León, Ingo W.

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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/

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M3 - Article in a journal

SN - 0305-750X

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JO - World Development

JF - World Development

M1 - 105020

ER -

Property rights and risk aversion: evidence from a titling program

Resumen

Nota bibliográfica

ODS de las Naciones Unidas

Palabras clave

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