**<u>Table 3: Estimated impact of property rights intervention on overall welfare</u>**

||**To**<br>|**tal**<br>||**Inco**<br>|**me from**<br>||
|---|---|---|---|---|---|---|
||**Cons..**|**Income**|**Farming**|**Local wage**|**Off farm**|**Migration **|
|**Panel A**|||||||
|Chengdu|-0.038***|-0.078***|-0.022***|0.015***|0.015***|-0.011*|
||(0.002)|(0.012)|(0.004)|(0.001)|(0.001)|(0.004)|
|Post reform|0.132***|-0.006|-0.001|0.000|-0.013***|-0.022*|
||(0.012)|(0.033)|(0.004)|(0.004)|(0.002)|(0.009)|
|Chengdu*post|<br>0.077***|<br>0.067**|<br>0.046***|<br>-0.027**|<br>-0.002|<br>-0.002|
||(0.007)|(0.018)|(0.004)|(0.005)|(0.004)|(0.007)|
|Bootstrapped p-value|0.000|0.114|0.000|0.156|0.675|0.587|
|Observations|1,379|1,379|1,379|1,379|1,379|1,379|
|R-squared|0.136|0.104|0.034|0.035|0.030|0.077|
|**Panel B**|||||||
|Chengdu|-0.076***|-0.052***|-0.039***|0.026***|0.014***|-0.023*|
||(0.010)|(0.008)|(0.005)|(0.003)|(0.001)|(0.007)|
|Post reform|0.096***|-0.030|-0.002|0.002|-0.014***|-0.016|
||(0.016)|(0.036)|(0.004)|(0.004)|(0.002)|(0.009)|
|> Junior high educ.|<br>-0.037**|<br>-0.044***|<br>0.019***|<br>-0.008*|<br>-0.002*|<br>0.013**|
||(0.008)|(0.008)|(0.002)|(0.003)|(0.001)|(0.003)|
|Chengdu*post|<br>0.147***|<br>0.056*|<br>0.073***|<br>-0.054***|<br>-0.003|<br>0.015|
||(0.010)|(0.022)|(0.006)|(0.007)|(0.004)|(0.012)|
|> Junior high educ.*post|<br>0.107***|<br>0.084***|<br>-0.002|<br>-0.000|<br>0.006**|<br>-0.025***|
||(0.011)|(0.014)|(0.002)|(0.002)|(0.001)|(0.003)|
|Chengdu*> junior high educ.|0.099**|-0.055***|0.038***|-0.025**|0.001|0.027*|
||(0.025)|(0.009)|(0.004)|(0.005)|(0.004)|(0.010)|
|Chengdu*> junior high|-0.205***|0.002|-0.067***|0.076***|0.004|-0.042**|
|educ.*post|(0.031)|(0.017)|(0.004)|(0.004)|(0.005)|(0.013)|
|Bootstrapped p-value|0.156|1.000|0.156|0.000|0.482|0.416|
|<br>Observations|1,379|1,379|1,379|1,379|1,379|1,379|
|R-squared|0.138|0.107|0.042|0.042|0.030|0.081|
|**Panel C**|||||||
|Chengdu|-0.041***|-0.079***|-0.022***|0.015***|0.015***|-0.011*|
||(0.003)|(0.012)|(0.003)|(0.001)|(0.001)|(0.004)|
|Post reform|<br>0.132***|<br>-0.006|<br>-0.001|<br>-0.000|<br>-0.013***|<br>-0.022|
||(0.012)|(0.033)|(0.004)|(0.004)|(0.002)|(0.009)|
|Z assets|<br>-0.045***|<br>-0.040***|<br>0.014***|<br>0.003**|<br>-0.003*|<br>-0.008**|
||(0.005)|(0.002)|(0.001)|(0.001)|(0.001)|(0.002)|
|Chengdu*post|<br>0.080***|<br>0.069**|<br>0.046***|<br>-0.027**|<br>-0.001|<br>-0.003|
||(0.006)|(0.018)|(0.004)|(0.005)|(0.004)|(0.007)|
|Z assets*post|<br>0.030***|<br>0.035***|<br>-0.012***|<br>-0.010***|<br>0.000|<br>-0.000|
||(0.005)|(0.002)|(0.001)|(0.001)|(0.001)|(0.002)|
|Chengdu*z assets|<br>0.062***|<br>0.035**|<br>0.006*|<br>-0.007***|<br>0.001|<br>-0.012**|
||<br>(0.009)|<br>(0.007)|<br>(0.002)|<br>(0.000)|<br>(0.002)|<br>(0.003)|
|Chengdu*z assets*post|-0.095***|-0.044**|-0.011**|0.029***|0.005|0.001|
||(0.010)|(0.011)|(0.003)|(0.003)|(0.002)|(0.007)|
|Bootstrapped p-value|0.000|0.266|0.000|0.000|0.408|0.905|
|Observations|1,379|1,379|1,379|1,379|1,379|1,379|
|R-squared|0.141|0.107|0.040|0.039|0.030|0.082|

Robust standard errors in brackets are clustered by treatment status. *** p<0.01, ** p<0.05, * p<0.1. _Note:_ Household characteristics include number of children, number of adults by age and gender, number of old people, family’s highest education, female household head, head’s age, agricultural subsidies received, contribution to rural pension, rural pension income, expense on cooperative medical scheme, and medical expense paid by cooperative medical scheme. Village characteristics include total labor, land area for agriculture, and indicator variables for remote village, suburban village, distance to county capital longer than 20 km, distance to primary school shorter than 2 km, distance to secondary school shorter than 2 km, and distance to medical station shorter than 2 km.

19