This table shows how the estimated willingness to pay for a good credit reputation varies with the
rate used to discount ex post repayment. The table shows the fuzzy RD coefficients using npv ( r ) as
the outcome for different values of r , where r is the yearly discount rate. Details of the estimation
are as in Table 4 above. Standard errors are clustered at the “comuna” level (332 comunas), a Chilean
geographical division similar to a US county. ∗, ∗∗, and ∗∗∗ represent significance at the 10%, 5%, and 1%
levels, respectively.