This study contributes to the relatively scarce literature evaluating household-level outcomes of collective agreements. We examine participation in and anticipation effects of two collective, incentive-based initiatives in Ucayali, Peru. The first initiative is a local REDD+ project, the second is Peru's National Forest Conservation Program (NFCP). Both initiatives were evaluated at an early stage of implementation, thus any effects are characterized as anticipation effects. We first examine the determinants of participation in the initiatives and find that household participation is negatively associated with agricultural income and positively associated with market access and previous experiences with external initiatives. Next, we use quasi-experimental methods and self-reflexive evaluations to examine impacts on land use and livelihoods. The results show no evidence of anticipation effects on income or land use. Self-reflexive evaluations indicate, however, that a total of 82% of the NFCP participating households perceive a positive effect on wellbeing, while only 39% of participants in REDD+ perceive a positive effect. The differences in perceptions of the two initiatives is attributed to design and implementation factors, including delayed payments, lack of transparency, and limited local input. The study demonstrates the value of self-reflexive evaluations for identifying intangible effects on wellbeing of conservation initiatives.