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The paper investigates gender differences in entrepreneurship by exploiting alarge-scale land lottery in Oklahoma at the turn of the 20$^{\text{th}}$century. Lottery winners claimed land in the order in which their names weredrawn, so the draw number is an approximate rank ordering of lottery wealth.This mechanism allows for the estimation of a dose-response function, whichrelates each draw number to the expected outcome under each draw. I estimatedose-response functions on a linked dataset of lottery winners and land patentrecords, and find the probability of purchasing land from the government to bedecreasing as a function of lottery wealth, which is evidence for the presenceof liquidity constraints. I find female winners were more effective inleveraging lottery wealth to purchase additional land, as evidenced bysignificantly higher median dose-responses compared to those of male winners.For a sample of winners linked to the 1910 Census, I find that male winnershave higher median dose-responses compared to female winners in terms of farmor home ownership. These results suggest that liquidity constraints may havebeen more binding for female entrepreneurs in the market economy.

Gender gaps in frontier entrepreneurship? Evidence from 1901 Oklahoma land lottery winners