**6 Tables**

Table 1: Balance table by price. Full sample

||(1)|(2)|(3)|(4)|(5)|
|---|---|---|---|---|---|
||BDM s|ample|TIOLI s|ample|BDM vs TIOLI|
||Mean|Diff.|Mean|Diff.|Diff.|
|**Panel A. Demographic Characteristics**||||||
|Female|0.56<br>|-0.01<br>|0.58<br>|-0.01<br>|0.01<br>|
||(0.50)|(0.00)|(0.49)|(0.00)|(0.03)|
|Age|45.91|-0.04|41.82|0.04|-4.09<sup>_∗∗∗_</sup>|
||(11.68)|(0.10)|(11.88)<br>|(0.12)<br>|(0.83)|
|Married|0.52<br>|0.00<br>|0.47<br>|-0.01<br>|-0.05<br>|
||(0.50)|(0.00)<br>|(0.50)|(0.01)|(0.04)<br>|
|Education: more than secondary|0.88|-0.01<sup>_∗_</sup>|0.95|-0.00|0.07<sup>_∗∗∗_</sup>|
||(0.32)|(0.00)|(0.21)|(0.00)|(0.02)|
|Has internet access|0.83|-0.00|0.96|-0.00<sup>_∗_</sup>|0.13<sup>_∗∗∗_</sup>|
||(0.38)|(0.00)|(0.20)|(0.00)|(0.02)|
|Wealth Index|-0.10|0.01|0.39|-0.02|0.49<sup>_∗∗∗_</sup>|
||(1.17)|(0.01)|(1.21)|(0.01)|(0.10)|
|Took previous bus. training|0.30|0.01<sup>_∗∗∗_</sup>|0.39|0.00|0.09<sup>_∗∗∗_</sup>|
||(0.46)|(0.00)|(0.49)|(0.00)|(0.03)|
|Declared WTP|12,915|217|17,384|-347<sup>_∗_</sup>|4,469<sup>_∗_</sup>|
||(49,514)|(650)|(15,997)|(186)|(2,694)|
|Risk taking index [0-10]|7.54|0.03<sup>_∗_</sup>|8.08|-0.04<sup>_∗∗_</sup>|0.54<sup>_∗∗∗_</sup>|
||(2.21)|(0.02)|(1.90)|(0.02)|(0.14)|
|Personal initiative index [1-7]|6.27|-0.00|6.34|0.00|0.07|
||(0.72)|(0.01)|(0.64)|(0.01)|(0.05)|
|Comparison with others on bus. practices|5.39|-0.02|5.44|0.02|0.04|
||(1.93)|(0.02)|(1.94)|(0.02)|(0.14)|
|Comparison with others on proactiveness|6.59|-0.01|6.90|0.02|0.31<sup>_∗∗_</sup>|
||(2.07)|(0.02)|(2.08)|(0.02)|(0.15)|
|**Panel B. Firm Characteristics**||||||
|Has employees|0.39|0.00|0.44|0.00|0.05|
||(0.49)|(0.00)|(0.50)|(0.00)|(0.03)|
|Sector: services|0.38<br>|0.00<br>|0.53<br>|0.01<br>|0.16<sup>_∗∗∗_</sup><br>|
||(0.49)|(0.00)|(0.50)|(0.00)|(0.03)|
|Sector: retail|0.30|-0.00|0.18|-0.01|-0.12<sup>_∗∗∗_</sup>|
||(0.46)|(0.00)|(0.39)|(0.00)|(0.03)|
|Sector: manufacturing|0.23|-0.00|0.24|0.00|0.02|
||(0.42)|(0.00)|(0.43)|(0.00)|(0.03)|
|Sales last month|86,174|-1,953|214,396|6,704|128,222<sup>_∗∗∗_</sup>|
||(168,244)|(1,232)|(685,088)|(7,396)|(38,277)|
|Profts last month|13,447|-313|89,448|7,265|76,001<sup>_∗∗∗_</sup>|
||(76,717)|(678)|(467,655)|(5,080)|(26,690)|
|Share of bus. practices|0.49|0.00|0.55|-0.00|0.06<sup>_∗∗∗_</sup>|
||(0.26)|(0.00)|(0.26)|(0.00)|(0.02)|
|Exp. sales incr. 10%-20%|0.34|0.01|0.30|-0.01|-0.04|
||(0.48)|(0.00)|(0.46)|(0.01)|(0.04)|
|Exp. sales incr. by more than 20%|0.44|-0.01|0.59|0.00|0.15<sup>_∗∗∗_</sup>|
||(0.50)|(0.00)|(0.49)|(0.01)|(0.04)|
|Cannot fnance 20k invest.|0.14|-0.00|0.10|-0.00|-0.04|
||(0.34)|(0.00)|(0.30)|(0.00)|(0.02)|
|Observations|457||374||831|

Columns (1) and (3) show the mean and standard deviation for the BDM sample and TIOLI sample, respectively. Columns (2) and (4) show the coefficient of an OLS regression of each covariate on the price offered (the price is expressed in thousands of Jamaican dollars), and the associated standard error. Column (5) shows the coefficient of an OLS regression of each covariate on an indicator for the TIOLI sample, and the resulting standard error. Regressions in column (4) also include fixed effects for demonstration session. Robust standard errors in parentheses. *** p _<_ 0.01, ** p _<_ 0.05, * p _<_ 0.1 30