We estimate the average treatment effect (ATE) of cash transfers on farm profitability by exploiting a randomised control trial for the evaluation Lesotho’s biggest transfer program. We also explore impact heterogeneity by unpacking the ATE into group-specific parameters. We estimate conditional average treatment effects to describe how treatment effects vary with selected covariates and quantile treatment effects to illustrate the variability of effects at different outcome levels. We find that the program had sizable impacts on farm profitability, but these impacts are spread unevenly in the population. The program benefited more those with greater productive potential and had strong distributional impacts.

中文翻译：

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现金转移对农场盈利能力的异质影响。来自莱索托随机研究的证据

我们通过利用随机对照试验评估莱索托最大的转移计划，估计现金转移对农场盈利能力的平均治疗效果 (ATE)。我们还通过将 ATE 解包为特定于组的参数来探索影响异质性。我们估计条件平均治疗效果，以描述治疗效果如何随所选协变量和分位数治疗效果而变化，以说明不同结果水平下效果的可变性。我们发现该计划对农场盈利能力产生了相当大的影响，但这些影响在人群中的分布不均。该计划使那些具有更大生产潜力并具有强大分配影响的人受益更多。