assessed. Using detailed plot-level data from rural Pakistan, we find that non-contractible investment is underprovided on … in investment effort alone cannot explain this inefficiency. Instead, imperfect commitment appears to be the driving … mechanism, since even plots taken on fixed rent contracts where all the rent is paid upfront receive lower investment than owner …

-specific investment is lower on leased plots. This result is robust to the possible effects of asymmetric information in the leasing … market. Greater tenure security also increases land-specific investment on leased plots. Moreover, variation in tenure …

-specific investment is lower on leased plots. This result is robust to the possible effects of asymmetric information in the leasing … market. Greater tenure security also increases land-specific investment on leased plots. Moreover, variation in tenure …