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Reassessing the interaction between investment and tenure uncertainty

机译：重新评估投资与保有权不确定性之间的相互作用

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摘要

A diverse body of empirical literature recognizes that investment can influence tenure security, yet this phenomenon has rarely been examined analytically. This paper develops a theoretical model that demonstrates explicitly conditions under which the probability of eviction is endogenous to investment undertaken on illegally encroached land. By accommodating explicitly the government's objective function and its ability to commit credibly to an eviction policy, the model reveals why both those farmers who under-invest, and those who raise their investment levels to improve tenure security, may be behaving rationally. Indeed, both types of behaviour are accommodated within a single model.
机译：各种各样的经验文献都认识到投资可以影响权属保障，但是这种现象很少经过分析检验。本文建立了一个理论模型，该模型明确说明了驱逐概率是对非法侵占土地进行投资的内生条件。通过明确适应政府的客观职能及其对驱逐政策作出可靠承诺的能力，该模型揭示了为什么投资不足的农民和提高投资水平以改善权属安全的农民为什么会表现合理。实际上，两种类型的行为都包含在一个模型中。

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