# **<u>Table 6:</u> Determinants of revisions toward sooner**

Ordinary least-squares regressions

|Dependent variable<br>: Change in sooner allocation upon revisiting (MK)||||||||
|---|---|---|---|---|---|---|---|
||(1)|(2)|(3)|(4)|(5)|(6)|(7)|
|**Preferences under commitment**||||||||
|Fraction Present Biased, Non-Implemented Interest Rates||136.306*<br>|133.262<br>|133.597<br>|134.466<br>|148.669*<br>||
|||(81.913)|(82.419)|(82.544)|(83.533)|(82.106)||
|Fraction "Future Biased", Non-Implemented Interest Rate|s||||||81.460|
||||||||(90.885)|
|Fraction of all tokens allocated to "sooner"||-517.953***|-523.255**|-507.387**|-484.155**|-476.630**|-474.870**|
|||(143.819)|(185.534)|(187.296)|(206.813)|(227.564)|(228.706)|
|Indicator: days to first disbursement (targeted) <=6||107.921**|110.331**|112.775**|113.104**|124.569**|124.237**|
|||(50.291)|(50.675)|(50.914)|(51.033)|(51.138)|(51.197)|
|**Financial sophistication**||||||||
|Fraction of Decisions Consistent with Law of Demand|||-29.964|-13.687|-13.839|-26.708|-31.727|
||||(175.034)|(175.757)|(175.831)|(175.075)|(178.077)|
|Words recalled|||-1.873|-1.232|-1.120|-0.221|1.149|
||||(19.059)|(18.968)|(19.090)|(19.085)|(19.299)|
|Raven's Tests Correct|||<br>-28.327|<br>-28.828|<br>-28.785|<br>-21.150|<br>-23.431|
||||(28.474)|(28.680)|(28.584)|(29.031)|(29.254)|
|Financial Literacy Questions Correct|||13.689|12.246|11.933|21.929|24.583|
||||(28.442)|(28.264)|(28.463)|(28.533)|(28.441)|
|**Shocks**||||||||
|Death in the family (indic.)||||69.045|70.659|63.620|76.080|
|||||(205.495)|(205.555)|(204.582)|(204.909)|
|Shortfall in expected hh income (MK)||||0.049|0.048|0.045|0.045|
|||||(0.042)|(0.042)|(0.039)|(0.037)|
|**Social pressure**||||||||
|Spouse minus own allocation to sooner (MK)|||||0.014|0.047|0.034|
||||||(0.064)|(0.081)|(0.080)|
|Number of relatives in the village|||||1.059|1.777|1.811|
||||||(3.508)|(3.398)|(3.346)|
|**Rate of returnto waiting**||||||||
|Implemented interest rate {.1,.25,.5,.75,1}<br>|-143.004*|-222.627**|-219.830**|-211.211**|-209.808**|-214.823**|-198.757**|
||(78.279)|(81.287)|(81.362)|(81.356)|(82.042)|(82.398)|(82.700)|
|**Baseline characteristics**||||||||
|Male<br>|125.169**|101.800**|103.931**|106.341**|101.039*|55.018|65.022|
||(49.851)|(49.488)|(51.698)|(51.561)|(53.196)|(61.402)|(61.254)|
|Age 35 or under<br>|198.798**|181.737**|177.816**|175.745**|175.145**|274.587**|284.957**|
||(71.742)|(71.257)|(71.515)|(71.968)|(72.490)|(110.102)|(109.770)|
|<br>36-56 yrs old<br>|<br>117.670**|<br>111.136**|<br>114.283**|<br>117.301**|<br>115.631**|<br>176.259**|<br>175.243**|
||(54.887)|(54.764)|(54.258)|(54.399)|(56.237)|(64.895)|(64.866)|
|Some primary school|-66.952|-75.753|-70.217|-68.240|-69.187|-28.764|-17.569|
||(70.212)|(68.797)|(71.864)|(70.170)|(70.687)|(72.040)|(72.289)|
|<br>Primary school<br>|<br>-159.166*|<br>-160.924*|<br>-155.726*|<br>-163.630*|<br>-165.420*|<br>-123.579|<br>-114.183|
||(85.954)|(84.696)|(91.235)|(90.493)|(90.649)|(92.800)|(92.611)|
|More than primary school<br>|-215.094**|-217.068**|-202.690*|-205.617*|-206.031*|-132.108|-127.624|
|<br>|(105.964)|(104.938)|(117.169)|(115.693)|(115.753)|(119.426)|(120.370)|
|<br>Have adequate maize|<br>35.744|<br>25.040|<br>28.679|<br>25.645|<br>23.730|<br>6.327|<br>1.060|
||(56.325)|(55.110)|(55.840)|(56.737)|(57.724)|(57.737)|(57.919)|
|<br>Total HH Wealth|<br>-0.122|<br>-0.125|<br>-0.126|<br>-0.130|<br>-0.128|<br>-0.124|<br>-0.123|
||(0.089)|(0.086)|(0.085)|(0.084)|(0.085)|(0.089)|(0.091)|
|Controls for:||||||||
|<br>Spousal characteristics|-|-|-|-|-|Y|Y|
|R-squared (adj.)|0.02|0.05|0.04|0.04|0.04|0.05|0.04|
|N<br>|661|661|661<br>|661<br>|661<br>|661<br>|661<br>|
|P-value for test that financial sophistication variables are|||0.87|0.88|0.88|0.90|0.85|

Significance levels: * 10%, ** 5%, *** 1%. Robust standard errors in parentheses.

Notes: Unit of observation is individual included in revisit sample. Spousal characteristics controls are: fraction present biased for all choices, indicators for age category, indicators for education category, word recall, ravens score, financial literacy score, and fraction of choices adhering to law of demand.