|**Table 6. Product choice based on non-price factors(rank-**|**ordered logit)**|Credit|||Savings||
|---|---|---|---|---|---|---|
||Peru|Mexico<br>|Pooled|Peru|Mexico<br>|Pooled|
||(1)|(2)|(3)|(4)|(5)|(6)|
|Total yield or cost|-0.016***|-0.009***|-0.007***|0.023**|0.029***|0.025***|
||(0.002)|(0.000)|(0.001)|(0.009)|(0.003)|(0.004)|
|Simplified format (1 = yes)|-0.015|-0.149**|-0.075|0.220***|0.004|0.070|
||(0.073)|(0.072)|(0.049)|(0.082)|(0.054)|(0.045)|
|Top of the Table (1 = yes)|0.113|0.054|0.083|0.499***|0.024|0.180**|
||(0.134)|(0.105)|(0.082)|(0.135)|(0.092)|(0.076)|
|Institution familiarity (1 = yes)|-0.232<br>|-0.072<br>|-0.128<br>|-0.037<br>|-0.025<br>|-0.014<br>|
||(0.187)|(0.249)|(0.229)|(0.051)|(0.226)|(0.186)|
|_Peru_|||||||
|Market design KFS|-0.217***|||0.234***|||
||(0.079)|||(0.074)|||
|_Mexico_|||||||
|Complex Table (5 institutions)||-0.076|||-0.039||
|||(0.065)|||(0.056)||
|Simple Table (5 institutions)||-0.008|||-0.071||
|||(0.067)|||(0.054)||
|Simple Table (10 institutions)||-0.433***|||-0.045||
|||(0.066)|||(0.046)||
|**_Top of the Table_**|||||||
|<br>Simplified format * Top of the Table|-0.140|0.134|0.009|-0.520***|-0.041|-0.195*|
||(0.187)|(0.141)|(0.111)|(0.188)|(0.128)|(0.105)|
|_Peru_|||||||
|Market designed KFS x Top of the Table|0.447**|||-0.540***|||
||(0.174)|||(0.174)|||
|_Mexico_|||||||
|Complex Table (5 institutions) x Top of the Table||0.000|||0.000||
|||(0.000)|||(0.000)||
|Simple Table (5 institutions) x Top of the Table||-0.086|||0.104||
|||(0.145)|||(0.129)||
|Simple Table (10 institutions) x Top of the Table||0.096|||-0.160||
|**_Institution familiarity_**||(0.146)|||(0.153)||
|<br>Simplified format x Familiarity|0.000|0.395|0.401|0.061|0.046|0.028|
||(0.000)|(0.325)|(0.307)|(0.055)|(0.301)|(0.244)|
|_Peru_|||||||
|Market designed KFS x Familiarity|0.386*|||0.059|||
||(0.221)|||(0.057)|||
|_Mexico_|||||||
|Complex Table (5 institutions) x Familiarity||0.024|||0.365||
|||(0.356)|||(0.311)||
|Simple Table (5 institutions) x Familiarity||0.736**|||0.176||
|||(0.327)|||(0.308)||
|Simple Table (10 institutions) x Familiarity||-0.020|||0.643**||
|||(0.405)|||(0.267)||
|N|2,700|7,169|4,668|2,700|8,895|5,358|
|Number of individuals|300|478|778|300|593|893|
|Notes: This table reports the following rank-ordered logit specificat|ion: 1) For Peru, O|rdercijk= αj+ β1|_Price_cijk+ β2_Sim_|_plified_jk+ β3_TopT_|_able_cijk+ β4_Fam_|_iliarity_cijk+|
|<br>β5_Mkt_jk+ β6_Simplified_jk*_TopTable_cijk+ β7_Mkt_jk*_TopTable_cijk+ β8<br>Simplified KFS and the Market designed KFS. 2) For Mexico, Ord<br> *|<br>_Simplified_jk*_Famili_<br>ercijk= αj+ β1_Price_ <br>*|<br>_arity_cijk+ β9_Mk_<br>cijk+ β2_Simplifie_<br>|<br>_t_jk*_Familiarity_cij<br>_d_jk+ β3_TopTabl_<br>*|<br>k+ εcijk,._Simplifie_<br>_e_cijk+ β4_Familiar_<br> *|<br>_d_jk, and_Mkt_jkde<br>_ity_cijk+ β5_Compl_<br>|<br>note the<br>_ex5_jk+|
|β6_Simple5_jk+ β7_Simple10_jk+ β8_Simplified_jk_TopTable_cijk+ β9_Com_<br>β12_Simplified_jk*_Familiarity_cijk+ β13_Complex_ij*_TopTable_cijk+ β14_Si_<br>_Simple10_jkdenote the different main treatments. 3) Pooling data fr|_plex5_jk_TopTable_c<br>_mple5_jk*_TopTable_ <br>om both Peru and M|ijk+ β10_Simple5_ <br>cijk+ β15_Simple1_<br>exico, Ordercij|jk_TopTable_cijk <br>_0_jk*_TopTable_cijk<br>k= αj+ β1_Price_ci|β11_Simple10_jk_T_<br> + εcijk._Simplified_ <br>jk+ β2_Simplified_jk|_opTable_cijk+<br>jk,_Complex_jk,_Si_<br> + β3_TopTable_cij|_mple5_jkand<br>k+|
|β4_Familiarity_cijk+ β5_Simplified_jk*_TopTable_cijk+ β6_Simplified_jk*_Fa_<br>|_miliarity_cijk+ εcijk.<br>|An observation<br>|is a choice_c_ma<br>|de by each individ<br>|ual participant_i_ <br>|in rounda j and<br>|
|session k. In all specifications,_Price_cijkis either the total loan cost|or the savings yield|of the each prod|uct. Ordercijkis a|variable that take|s value 3 for the|first choice of|
|<br>individual i in round j in session k, 2 for the second choice and 1 fo<br>presented to individual_i_in round_j and session k_._Familiarity_cijkd<br>|r the third choice. T<br>ummy that takes val<br>|opTablecijk is<br>ue 1 if the parti<br>|a variable that tak<br>cipant had or had<br>|es the value of 1 i<br>ever had a financ<br>|f option_c_is the<br>ial product from<br>|first on the table<br>the institution of<br>|
|the product chosen in order c. Control treatment includes promotio<br>are clustered at the participant level and are reported in parenthesis|nal materials (broch<br>under coefficient es|ures, amortizati<br>timates. Levels|on tables etc.) co<br>of significance *|lected from finan<br>p<0.10 ** p<0.0|cial institutions.<br>5 *** p<0.01.|tandard errors|