Our surveys also provide evidence consistent with this information asymmetry. In our fort-
nightly surveys, we asked farmers what the price in the neighboring market had been recently.5
The prices reported did not match prices at which traders were selling at the mandi in the rel-
evant week, but instead was much closer to the price received by farmers who made a sale to a
trader in a haat in that week. The average price they reported (Rupees 2.57 per kg) was close to
the gross price at which farmers sold in haats (Rupees 2.55 per kg), and substantially dierent
from the average gross price at which traders sold at the wholesale market