We study the identification and estimation of key parameters in a basic model of technology adoption when specifically collected information on subjective beliefs and expectations about the technology's impact is available. We discuss identification with both non-parametrically and parametrically specified utility as well as parametric and semi-parametric specifications for unobserved heterogeneity. We propose parametric and semi-parametric estimation methods to recover underlying preferences and use the model to study the adoption of bednets among poor households in rural Orissa (India). We carry out counterfactual exercises to examine the effects of price and belief changes on net ownership decisions. The results suggest that net purchase decisions are relatively insensitive to changes from current prices and beliefs. The methods proposes here should have applicability to other discrete choice settings with non-linear indices. JEL: I1,I3 Key words: Malaria, Expectations, Bednets, Identification, Median Restrictions * We thank seminar participants at UC Berkeley, Yale, UC Riverside, USC, UVA and the World Bank for useful comments. We also thank Han Hong, Michael Luca, Luigi Pistaferri, Priya Satia, John Strauss and Frank Wolak for helpful discussions. We are deeply indebted to Bharat Integrated Social Welfare Agency for facilitating access to villages covered by their microfinance network; to Lakshmi Krishnan and Benita Sarah Matthew for their superb work in supervising the project; and to the whole team of survey monitors in Sambalpur for their tireless efforts. We are also very grateful to Annie Duflo and the Center for Micro Finance for invaluable help in making this study possible. The authors gratefully acknowledge financial support from the Center for Micro Finance (Chennai, India) and the Stanford Presidential Fund for Innovation in International Studies. We are solely responsible for all errors and omissions. Aprajit Mahajan,