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@techreport{NBERw20387,
 title = "Self-Selection into Credit Markets: Evidence from Agriculture in Mali",
 author = "Beaman, Lori and Karlan, Dean and Thuysbaert, Bram and Udry, Christopher",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "20387",
 year = "2014",
 month = "August",
 doi = {10.3386/w20387},
 URL = "http://www.nber.org/papers/w20387",
 abstract = {We examine whether returns to capital are higher for farmers who borrow than for those who do not, a direct implication of many credit market models. We measure the difference in returns through a two-stage loan and grant experiment. We find large positive investment responses and returns to grants for a random (representative) sample of farmers, showing that liquidity constraints bind. However, we find zero returns to grants for a sample of farmers who endogenously did not borrow. Thus we find important heterogeneity, even conditional on a wide range of observed characteristics, which has critical implications for theory and policy.},
}