**<u>Table 3: Test of Balance in Baseline Characteristics</u>**

||(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|(9)|(10)|(11)|(12)|(13)|(14)|(15)|(16)|(17)|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|**Dependent variable:**|Female|Married|Age [years]|Years of<br>education|Household<br>Size|Asset index|Livestock<br>index|Land under<br>cultivation<br>[acres]|Proceeds<br>from crop<br>sales [MK]|Cash spent<br>on inputs<br>[MK]|Has bank<br>account|Savings in<br>accounts and<br>cash [MK]|Hyperbolic|Patient now<br>impatient<br>later|,<br>Net transfers<br>made in past<br>12m [MK]|Missing<br>value for<br>formal<br>savings and<br>cash|Missing<br>value for<br>time prefe‐<br>rences|
|Ordinary Account|0.05***|‐0.03**|‐0.93|0.03|‐0.11|0.24|‐0.04|0.11|7,990.09|2,416.66|0.01|200.15|0.00|‐0.08*|81.78|‐0.01|0.00|
||(0.02)|(0.01)|(1.25)|(0.28)|(0.16)|(0.16)|(0.10)|(0.20)|(12,746.24)|(2,628.59)|(0.04)|(730.59)|(0.02)|(0.05)|(547.16)|(0.02)|(0.01)|
|Ordinary x Private Raffle|‐0.00|0.03**|‐0.57|0.14|0.18|‐0.08|‐0.01|‐0.14|3,647.16|6,396.18*|‐0.02|‐1.61|0.00|0.07|185.57|0.01|0.00|
||(0.02)|(0.01)|(1.22)|(0.28)|(0.16)|(0.17)|(0.09)|(0.18)|(12,805.07)|(3,579.03)|(0.05)|(737.33)|(0.02)|(0.05)|(535.56)|(0.02)|(0.01)|
|Ordinary x Public Raffle|‐0.02|0.01|‐0.97|0.34|0.09|‐0.35**|‐0.06|‐0.15|‐2,175.54|5.18|‐0.04|513.75|‐0.01|0.08|521.88|0.02|‐0.00|
||(0.02)|(0.01)|(1.10)|(0.27)|(0.15)|(0.16)|(0.08)|(0.19)|(13,692.49)|(2,919.49)|(0.05)|(729.41)|(0.02)|(0.05)|(477.44)|(0.02)|(0.01)|
|Commitment Account|0.03*|‐0.02|‐1.17|0.38|‐0.08|0.13|‐0.02|‐0.01|11,874.76|2,428.01|‐0.04|769.73|0.03|‐0.06|‐313.63|‐0.01|0.01|
||(0.02)|(0.01)|(1.09)|(0.24)|(0.16)|(0.15)|(0.12)|(0.18)|(13,172.83)|(3,407.12)|(0.04)|(885.36)|(0.03)|(0.05)|(541.27)|(0.02)|(0.01)|
|Commitment x Private Raffle|0.00|0.01|0.11|‐0.39|0.28*|0.04|‐0.03|0.25|‐2,078.18|3,023.89|0.05|‐309.33|0.01|‐0.04|151.71|0.02|‐0.01|
||(0.02)|(0.02)|(0.95)|(0.26)|(0.15)|(0.18)|(0.12)|(0.19)|(13,687.38)|(3,906.29)|(0.05)|(1,009.58)|(0.03)|(0.04)|(496.27)|(0.02)|(0.01)|
|Commitment x Public Raffle|0.03|‐0.01|‐0.77|‐0.46*|‐0.17|‐0.22|‐0.11|‐0.35**|‐16,144.40|49.10|‐0.04|‐844.44|‐0.02|‐0.02|200.28|‐0.01|‐0.02|
||(0.02)|(0.02)|(1.12)|(0.25)|(0.15)|(0.15)|(0.11)|(0.18)|(14,593.46)|(3,992.86)|(0.05)|(888.06)|(0.03)|(0.05)|(536.89)|(0.02)|(0.01)|
|Mean Dep Var in Control|0.02|0.97|46.23|5.31|5.81|‐0.11|0.03|4.67|117,364.71|21,629.03|0.66|3,235.37|0.10|0.35|1,655.33|0.07|0.01|
|Number of observations|3,150|3,150|3,150|3,150|3,150|3,150|3,150|3,150|3,150|3,150|3,150|2,949|3,117|3,117|3,150|3,150|3,150|
|P‐values of F‐tests for regressions in colu<br>Ordinary, No Raffle = Commitment,|mns 1‐17:|||||||||||||||||
|No Raffle|0.519|0.360|0.832|0.169|0.824|0.532|0.826|0.530|0.790|0.997|0.265|0.531|0.293|0.592|0.409|0.947|0.302|
|Ordinary, Private Raffle = 0|0.007|0.856|0.214|0.517|0.690|0.311|0.592|0.896|0.303|0.010|0.895|0.782|0.881|0.777|0.652|0.981|0.625|
|Ordinary, Public Raffle = 0|0.060|0.158|0.076|0.157|0.883|0.399|0.285|0.821|0.641|0.376|0.587|0.324|0.820|0.897|0.265|0.688|0.601|
|Commit., Private Raffle = 0|0.032|0.488|0.341|0.986|0.190|0.284|0.714|0.198|0.402|0.080|0.801|0.579|0.174|0.014|0.772|0.417|0.899|
|Commit., Public Raffle = 0|0.000|0.030|0.121|0.762|0.121|0.507|0.238|0.039|0.740|0.445|0.048|0.916|0.680|0.093|0.850|0.233|0.571|
|P‐values of F‐tests for joint significance o|f baseline var|iables:||||||||||||||||
|Ordinary Account|||0.898|||||||||||||||
|<br>Ordinary x Private Raffle|||0.474|||||||||||||||
|Ordinary x Public Raffle|||0.122|||||||||||||||
|Commitment Account|||0.633|||||||||||||||
|Commitment x Private Raffle<br>Commitment x Public Raffle|||0.408<br>0.140|||||||||||||||

Notes: Stars indicate significance at 10% (*), 5% (**), and 1% (***) levels. Standard errors are clustered at the club level. USD 1 is ca. MK 145. All regressions include stratification cell fixed effects. F‐tests for column regressions: "Ordinary, No Raffle = Commitment, No Raffle" tests the equality of means in ordinary and commitment treatment groups each without additional raffle treatments; "Ordinary, Private Raffle = 0" tests if the sum of the coefficient on "Ordinary" and the coefficient on "Ordinary x Private Raffle" is different from zero; "Ordinary, Public Raffle", "Commitment, Private Raffle"; "Commitment, Public Raffle" tests the same sums of the different combinations of savings and raffle treatments. F‐tests of joint significance: test of joint significance in regression of respective treatment dummies on all 17 baseline variables.