**<u>Table 4: Impact of Treatments on Deposits and Withdrawals</u>**

||<br>(1)|<br>(2)|(3)|(4)|(5)|(6)|(7)|(8)|
|---|---|---|---|---|---|---|---|---|
|**Dependent variable:**|Any Transfer via<br>Direct Deposit|Sum of deposits<br>into accounts, pre‐<br>planting [MK]|Sum of withdrawals<br>from accounts, pre‐<br>planting [MK]|Deposits into<br>ordinary accounts,<br>pre‐planting [MK]|Deposits into<br>commitment<br>accounts, pre‐<br>planting [MK]|Deposits into other<br>accounts, pre‐<br>planting [MK]|Net of all<br>transactions, pre‐<br>planting [MK]|Net of all<br>transactions,<br>planting [MK]|
|Ordinary Account|0.16***|21,574.40***|‐20,946.16***|21,345.45***|‐100.19|329.14|628.24|‐883.37|
||(0.05)|(7,071.27)|(6,748.68)|(6,960.03)|(235.00)|(278.41)|(1,027.27)|(638.35)|
|Ordinary x Private Raffle|0.01|‐14,590.93**|14,941.27**|‐14,107.76*|2.69|‐485.86*|350.34|80.33|
||(0.05)|(7,365.91)|(7,032.66)|(7,274.96)|(253.25)|(271.13)|(1,114.66)|(740.02)|
|Ordinary x Public Raffle|0.04|‐699.36|‐188.13|‐221.39|47.21|‐525.19**|‐887.49|333.66|
||(0.06)|(9,259.74)|(9,065.18)|(9,199.30)|(229.47)|(256.78)|(1,423.90)|(719.51)|
|Commitment Account|0.21***|21,829.20***|‐20,707.85***|19,431.76***|1,994.26**|403.18|1,121.35*|‐1,317.50***|
||(0.05)|(6,884.03)|(6,828.63)|(6,281.25)|(788.77)|(348.01)|(670.15)|(483.77)|
|Commitment x Private Raffle|0.03|‐5,323.61|5,377.32|‐4,445.14|‐698.03|‐180.44|53.70|‐51.38|
||(0.06)|(7,847.63)|(7,546.66)|(7,191.84)|(910.53)|(366.94)|(972.69)|(686.09)|
|Commitment x Public Raffle|‐0.05|‐3,596.97|4,051.28|‐2,652.51|‐792.87|‐151.58|454.31|‐267.63|
||(0.05)|(8,092.59)|(7,891.34)|(7,568.31)|(849.92)|(355.81)|(932.74)|(598.30)|
|Mean Dep Var in Control|0.00|3,281.13|‐3,256.44|3,107.05|0.00|174.09|24.69|‐157.77|
|Number of observations|3,150|3,150|3,150|3,150|3,150|3,150|3,150|3,150|
|P‐values of F‐tests:|||||||||
|Ordinary, No Raffle =|||||||||
|Commitment, No Raffle|0.333|0.978|0.978|0.825|0.009|0.847|0.678|0.557|
|Ordinary, Private Raffle = 0|0.001|0.151|0.209|0.126|0.674|0.335|0.036|0.059|
|Ordinary, Public Raffle = 0|0.000|0.009|0.008|0.008|0.803|0.223|0.802|0.203|
|Commit., Private Raffle = 0|0.000|0.004|0.005|0.007|0.008|0.381|0.115|0.013|
|Commit., Public Raffle = 0|0.001|0.002|0.003|0.004|0.003|0.247|0.037|0.002|

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 and the following baseline variables: Dummy for male respondent; dummy for married; age in years; years of completed education; number of household members; asset index; livestock index; land under cultivation; proceeds from tobacco and maize sales during the 2008 season; cash spent on inputs for the 2009 season; dummy for ownership of any formal bank account; amount of savings in bank or cash (with missing values replaced with zeros); dummy for hyperbolic (missing values replaced with zeros); dummy for "patient now, impatient later" (missing values replaced with zeros); net transfers made to social network over 12 months; dummy for missing value in savings amount; dummy for missing value in hyperbolic and "patient now, impatient later". For complete variable definitions, see Appendix B. F‐tests: "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.