|**Table 4. Product choice based onprice (rank-ordered logit**|**)**|Credit|||Savings||
|---|---|---|---|---|---|---|
||Peru|Mexico|Pooled|Peru|Mexico|Pooled|
||(1)|(2)|(3)|(4)|(5)|(6)|
|Total yield or cost|-0.006***|-0.000|-0.003***|0.012**|0.008**|0.008**|
||(0.002)|(0.000)|(0.000)|(0.006)|(0.003)|(0.003)|
|Simplified format (1 = yes)|4.379***|4.787***|0.131***|0.055***|-0.014|-0.001|
||(0.932)|(0.543)|(0.023)|(0.013)|(0.013)|(0.010)|
|Simplified x Yield / Cost|-0.008***|-0.004***|-0.000***|0.004***|-0.002|0.001|
||(0.002)|(0.000)|(0.000)|(0.001)|(0.005)|(0.001)|
|Fin lit x Yield /Cost|-0.003|-0.002***|-0.003***|0.014|0.010***|0.012***|
||(0.002)|(0.000)|(0.001)|(0.009)|(0.004)|(0.004)|
|Simplified x Yield / Cost x Fin Lit||||0.000|0.001|-0.000|
|||||(0.001)|(0.005)|(0.002)|
|_Peru_|||||||
|Market designed KFS (1 = yes)|0.183|||0.009|||
||(0.896)|||(0.012)|||
|Market designed KFS x Yield / Cost|-0.000|||0.001|||
||(0.002)|||(0.001)|||
|Market designed KFS x Yield / Cost x Fin Lit|0.000|||-0.000|||
||(0.000)|||(0.001)|||
|_Mexico_|||||||
|Complex Table (5 institutions)||4.185***|||0.019||
|||(0.516)|||(0.014)||
|Simple Table (5 institutions)||4.113***|||-0.009||
|||(0.523)|||(0.012)||
|Simple Table (10 institutions)||2.811***|||-0.016||
|||(0.571)|||(0.012)||
|Complex Table (5 institutions) x Yield / Cost||-0.004***|||0.004||
|||(0.000)|||(0.004)||
|Simple Table (5 institutions) x Yield / Cost||-0.004***|||0.001||
|||(0.000)|||(0.004)||
|Simple Table (10 institutions) x Yield / Cost||-0.003***|||0.009*||
|||(0.001)|||(0.005)||
|Complex Table (5 institutions) x Yield / Cost x Fin Lit||-0.000|||0.005||
|||(0.000)|||(0.005)||
|Simple Table (5 institutions) x Yield / Cost x Fin Lit||-0.000|||0.005||
|||(0.000)|||(0.005)||
|Simple Table (10 institutions) x Yield / Cost x Fin Lit||-0.000***|||-0.000||
|||(0.000)|||(0.006)||
|N|2,700|7,169|4,668|2,700|8,895|5,358|
|Number of individuals|300|478|778|300|593|893|

Notes: This table reports the following rank-ordered logit specification: 1) For Peru, Ordercijk = αj + β1 _Price_ cijk + β2 _Simplified_ jk + β3 _Simplified_ jk* _Price_ cijk + β4 _Price_ cijk* _FinLit_ ik + β5 _Simplified_ jk* _Price_ cijk* _FinLit_ ik + β6 _Mkt_ jk + β7 _Mkt_ jk* _Price_ cijk + β8 _Mkt_ jk* _Price_ cijk* _FinLit_ ik + εcijk,. _Simplified_ jk, and _Mkt_ ij denote the Simplified KFS and the Market designed KFS. 2) For Mexico, Ordercijk = αj + β1 _Price_ cijk + β2 _Simplified_ jk + β3 _Simplified_ jk* _Price_ cijk + β4 _Price_ cijk* _FinLit_ ik + β5 _Simplified_ jk* _Price_ cijk* _FinLit_ ik + β6 _Complex5_ jk + β7 _Simple5_ jk + β8 _Simple10_ jk + β9 _Complex5_ jk* _Price_ cijk + β10 _Simple5_ jk* _Price_ cijk + β11 _Simple10_ jk* _Price_ cijk + β12 _Complex_ jk* _Price_ cijk* _FinLit_ ik + β13 _Simple5_ jk* _Price_ cijk* _FinLit_ jk + β14 _Simple10_ jk* _Price_ cijk + εcijk. _Simplified_ jk, _Complex_ jk, _Simple5_ jk and _Simple10_ jk denote the different main treatments. 3) Pooling data from both Peru and Mexico, Ordercijk = αj + β1 _Price_ cijk + β2 _Simplified_ jk + β3 _Simplified_ jk* _Price_ cijk + β4 _Price_ cijk* _FinLit_ ik + β5 _Simplified_ jk* _Price_ cijk* _FinLit_ ik + εcijk. An observation is a choice c made by each individual participant _i_ in round _j_ and session k. In all specifications, _Price_ cijk is either the total loan cost or the savings yield of the each product. Ordercijk takes value 3 for the first choice of individual i in round j in session k, 2 for the second choice and 1 for the third choice. _FinLit_ ik is a proxy for financial literacy that takes value 1 if the individual correctly answered the question on interest rate. Control treatment includes promotional materials (brochures, amortization tables etc.) collected from financial institutions. Standard errors are clustered at the participant level and are reported in parenthesis under coefficient estimates. Levels of significance * p<0.10 ** p<0.05 *** p<0.01.