Table A5: Effects of Role Models on Financial Investment on Childrens Education (Robustness): Alternative Definition of Role Model: _±_ 5 Years Age Band

||**Rural (R)**|**Urban (U)**|**R–U**|**Rural (R)**|**Urban (U)**|**R–U**|
|---|---|---|---|---|---|---|
|Father Edu|0.054***|0.124***|-0.070***|0.055***|0.126***|-0.071***|
||(0.006)|(0.012)|(0.013)|(0.006)|(0.012)|(0.013)|
|Role Model Edu|-0.015|-0.039**|0.025|-0.015|-0.040**|0.025|
||(0.013)|(0.016)|(0.020)|(0.013)|(0.016)|(0.020)|
|Number of School Age Children||||-0.021<br>(0.019)|-0.054*<br>(0.030)|-0.054*<br>(0.030)|
|Constant|0.407***|0.829***||0.295***|0.713***||
||(0.105)|(0.190)||(0.112)|(0.208)||
|Includes Ability|No|No|No|Yes|Yes|Yes|
|Observations|8485|7281|15766|8485|7281|15766|

Notes: Standard errors are clustered at the community level (*** p _<_ 0.01, ** p _<_ 0.05, * p _<_ 0.1). The dependent variable is educational expenditure adjusting for inflation. Inflation rates are calculated using price of rice separately for rural and urban areas. A role model is someone who was born in the respondent’s district but is within _±_ 5 of respondent’s father age and belongs to top 50 percent education level within that age group of that district. Rural and Urban are defined based on location of birth. If the respondent was born in a big city or town, it was considered as Urban, and if the respondent was born in a village, it was considered Rural. Cognitive ability index is expressed in percentile; it is constructed taking the first principal component of Raven Test and two memory memory tests net of age and age square. Ability controls include cognitive ability index and its square.

Table A6: Role Models and Intergenerational Educational Mobility (Robustness):: Alternative Definition of Role Model: _±_ 5 Years Age Band

||**Rural (R)**|**Urban (U)**|**R–U**|**Rural (R)**|**Urban (U)**|**R–U**|
|---|---|---|---|---|---|---|
|Father Edu|0.238***|0.384***|-0.146**|0.200***|0.351***|-0.151**|
||(0.039)|(0.056)|(0.063)|(0.037)|(0.053)|(0.060)|
|Father Edu Sq|0.015***|0.011***|0.005|0.016***|0.011***|0.005*|
||(0.002)|(0.002)|(0.003)|(0.002)|(0.002)|(0.003)|
|Father Edu * Role Model|-0.011**|-0.014***|0.003|-0.010**|-0.014***|0.004|
||(0.004)|(0.004)|(0.006)|(0.004)|(0.004)|(0.006)|
|Role Model Edu|0.229***|0.103|0.126|0.189***|0.104|0.085|
||(0.061)|(0.118)|(0.124)|(0.057)|(0.112)|(0.118)|
|Role Model Edu Sq|-0.004|0.002|-0.006|-0.003|0.002|-0.004|
||(0.004)|(0.005)|(0.006)|(0.003)|(0.005)|(0.006)|
|Constant|5.988***|6.389***|-0.4011|4.722***|5.406***|-0.684|
||(0.285)|(0.682)|(0.675)|(0.272)|(0.683)|(0.672)|
|Includes Ability|No|No|No|Yes|Yes|Yes|
|Observations|8292|4111|12403|8292|4111|12403|

Notes: Standard errors are clustered at the community level (*** p _<_ 0.01, ** p _<_ 0.05, * p _<_ 0.1). A role model is someone who was born in the respondent’s district but is within _±_ 5 of respondent’s father age and belongs to top 50 percent education level within that age group of that district. Rural and Urban are defined based on location of birth. If the respondent was born in a big city or town, it was considered as Urban, and if the respondent was born in a village, it was considered Rural. Cognitive ability index is expressed in percentile; it is constructed taking the first principal component of Raven Test and two memory memory tests net of age and age square. Ability controls include cognitive ability index and its square.

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