Table C.3.

Bids within the group.

Dependent variable:	Normalized bid
Contribution:	Low		Medium		High
Duration:	Short	Long	Short	Long	Short	Long
	(1)	(2)	(3)	(4)	(5)	(6)
Period 1	0.275	0.370	0.328	0.464	0.337	0.527
	(0.004)	(0.001)	(0.002)	(0.002)	(0.003)	(0.002)
Period 2	0.223	0.312	0.246	0.368	0.254	0.418
	(0.003)	(0.001)	(0.001)	(0.002)	(0.002)	(0.002)
Period 3	0.156	0.221	0.161	0.275	0.174	0.304
	(0.003)	(0.001)	(0.001)	(0.002)	(0.002)	(0.002)
Period 4	0.097	0.118	0.095	0.181	0.110	0.197
	(0.003)	(0.001)	(0.001)	(0.002)	(0.002)	(0.002)
Period 5	0.063	0.065	0.063	0.077	0.065	0.085
	(0.003)	(0.001)	(0.001)	(0.002)	(0.002)	(0.002)
Period 1 * 1994 dummy	0.003	−0.077	−0.043	−0.167	−0.046	−0.224
	(0.005)	(0.001)	(0.002)	(0.003)	(0.003)	(0.003)
Period 2 * 1994 dummy	0.020	−0.041	−0.005	−0.081	0.003	−0.123
	(0.004)	(0.001)	(0.002)	(0.003)	(0.003)	(0.003)
Period 3 * 1994 dummy	0.003	−0.002	−0.008	−0.016	0.002	−0.031
	(0.004)	(0.001)	(0.002)	(0.003)	(0.003)	(0.003)
Period 4 * 1994 dummy	−0.009	0.006	−0.008	−0.002	−0.007	−0.009
	(0.004)	(0.001)	(0.002)	(0.003)	(0.003)	(0.003)
Period 5 * 1994 dummy	−0.010	−0.009	−0.010	−0.009	−0.009	−0.014
	(0.004)	(0.001)	(0.002)	(0.002)	(0.002)	(0.003)
Number of observations	2,088	29,788	13,344	13,487	5,522	11,697

Note: Normalized bid is measured as the bid amount divided by the chit value. Short duration groups last for less than 40 months, Long duration groups last for 40 months or more. Each group is divided into five equal periods: Period 1–Period 5, covering its entire duration in sequence. Contribution: Low if contribution < 500/month; Medium if contribution 500–1,000; High if contribution ≥ 1,000.

Boldface coefficients highlight bids greater than 0.3 in Rows 1–5 and the change in those bids in Row 6–10. Standard errors in parentheses.