Labeled loans and human capital investments
通过印度农村的集群随机对照试验，研究标签贷款如何影响家庭借贷和投资决策，发现其能有效促进厕所这类大额人力资本投资的采用。
Imperfect capital markets and commitment problems impede lumpy human capital investments. Labeled loans have been postulated as a potential solution to both constraints, but little is known about the role of the label in influencing investment choices in practice. We draw on a cluster randomized controlled trial in rural India to test predictions from a theoretical model, providing novel evidence that labeled microcredit is effective in influencing household borrowing and investment decisions and increasing take-up of a lumpy human capital investment, a toilet.