Table 3

Returns to Signaling

	Dependent Variable
	Project Value (Log)			Number of Projects			Number of Projects > 0			Earnings
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
Number of microcredentials	0.097^**	0.030^***	−0.011^***	0.016^***	0.012^***	−0.005^***	0.002+	0.006^***	−0.003^***	7.953^***	5.522^***	−0.724
	(0.024)	(0.005)	(0.003)	(0.002)	(0.001)	(0.002)	(0.001)	(0.001)	(0.0004)	(1.443)	(1.102)	(0.917)
Feedback rating	0.105^***	0.33^*	0.092^***	−0.002	0.019^**	0.013^**	−0.010	0.009^***	0.009^***	15.567	26.477^**	22.725^***
	(0.019)	(0.012)	(0.010)	(0.022)	(0.006)	(0.005)	(0.009)	(0.002)	(0.002)	(25.744)	(8.637)	(4.353)
Number of completed projects	0.054^***	0.002^**	−0.005^***	−0.041^*	0.004^***	0.008^***	0.041^***	0.001^***	0.002^***	16.140	0.810^*	−0.357
	(0.011)	(0.001)	(0.0005)	(0.012)	(0.001)	(0.001)	(0.006)	(0.0001)	(0.0001)	(7.715)	(0.353)	(0.219)
Baseline	$310.84	$310.84	$310.84	0.29	0.29	0.29	0.18	0.18	0.18	$89.45	$89.45	$89.45
Fixed effects	Event	Worker	No	Event	Worker	No	Event	Worker	No	Event	Worker	No
Observations	32,975	32,975	32,975	178,478	178,478	178,478	178,478	178,478	178,478	178,478	178,478	178,478
Adjusted R²	0.463	0.369	0.101	0.363	0.248	0.125	0.273	0.214	0.134	0.056	0.018	0.011

Notes: In Columns 1–3, the unit of observation is one project. In Columns 4–12, the unit of observation is a 14 day pre‐ or post‐test period. In addition to the variables reported, all models include year dummies and cumulative (arsinh‐transformed) dollars earned on the platform. “Baseline” refers to the mean of the dependent variable. Standard errors are clustered on the worker level. The significance levels in all specifications are: ^*** = 0.1%, ^** = 1%, ^* = 5%, and + = 10%.