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Empirical finding: average marginal effect of increase in post-intervention beliefs on participation probability. Panel b shows the estimated average marginal effect of an increase in post-intervention beliefs (or equivalently in the difference between post- and pre-intervention beliefs) on participation probability based on actual data from the experiment ( n =1,510). Data points indicate the average marginal effect in percentage points with 95% confidence intervals, separated by subgroups with pre-intervention beliefs below (left) and above (right) the signal value, respectively. The graph is derived from the results of the instrumental variable probit regression that is shown in Table 2 .
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