magnitude and statistically insignificant. While small, it is in line with other research showing that the negative point estimate is driven by women, rather than men beneficiaries. Taken together, this probably indicates that the third parties that help the elderly financially also help them by informing them about the Colombia Mayor benefit and, perhaps, assist in the application process. Yet, the third parties do not reduce their own transfers.

**Table 20: The Receipt of Monetary Transfers from Third Parties to Potential Beneficiaries**

||_(1)_|_(2)_|_(3)_|_(4)_|_(5)_|_(6)_|_(7)_|_(8)_|
|---|---|---|---|---|---|---|---|---|
|_Variable_|_OLS_<br>_All_|_OLS_<br>_All_|_OLS_<br>_Males_|_OLS_<br>_Females_|_IV_<br>_All_|_IV_<br>_All_|_IV_<br>_Males_|_IV_<br>_Females_|
|Clbi M|0.043***|0.050***|0.055***|0.044***|−0.012|−0.014|0.005|−0.017|
|ooma ayor|(0.008)|(0.008|(0.012)|(0.010)|(0.012)|(0.014)|(0.027)|(0.023)|
|Dd ibl b|<sup>0.804***</sup>|0.765***|0.657***|0.824***|0.802***|0.765***|0.665***|0.816***|
|epenent varae y year|(0.030)|(0.031|(0.044)|(0.046)|(0.030)|(0.032)|(0.044)|(0.046)|
||<sup>0.853***</sup>|0.810***|0.766***|0.801***|0.855***|0.814***|0.772***|0.800***|
|Dependent variable by area|(0.022)|(0.024)|(0.049)|(0.044)|(0.022)|(0.024)|(0.051)|(0.044)|
|Observations|22,546|22,484|9,472|13,007|22,358|22,297|9,298|12,892|
|R-squared|0.076|0.105|0.105|0.106|0.072|0.100|0.102|0.102|
|Municipalities, number|296|296|293|294|286|286|273|283|
|F|209.6|117.9|44.97|87.48|201.1|109.5|43.04|80.22|
|Partial R-squared|||||0.0889|0.0961|0.103|0.0950|
|Kleinbergen-Paap statistic|||||2683|2495|1407|1553|
|OIR test|||||0.966|0.966|0.311|0.160|
|Endogeneity test|||||0.000122|0.000|0.0525|0.00920|
|_First stage_|||||||||
|Deendent ariable b ear|||||−0.005|−0.003|0.003|−0.005|
|p v y y|||||(0.027)|(0.028)|(0.038)|(0.034)|
||||||0.005|0.005|0.011|0.002|
|Dependent variable by area|||||(0.024)|(0.026)|(0.045)|(0.040)|
|I f bi|||||0.976***|0.992***|0.988***|0.994***|
|nstrument rom prot|||||(0.019)|(0.020)|(0.026)|(0.025)|

_Note:_ The table illustrates a linear probability model on a dependent variable indicating receipt of monetary transfers from third parties. The IV specification uses a three-stage procedure for binary treatment variables. Only the OIR test is derived from a two-step procedure. Columns (1) and (5) do not include additional control variables. Standard errors are shown in parenthesis.

Another question of interest revolves around whether the benefit changes the living arrangements of the elderly, in particular whether they are either more or less likely to live with other family members in multigenerational households. If this is the case, the results on labor force participation may be indirectly driven by the program’s effect on household composition. In table 21, we thus show the results for the binary dependent variable of whether a potential beneficiary lives in a household with at least one adult below the program eligibility age. Under the OLS, the effect is negative and highly statistically significant. However, this is most likely because elderly people who live with younger household members are less likely to enroll in the program. In the IV specification, point estimates 37