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Long-run Effects of Lottery Wealth on Psychological Well-being

Erik Lindqvist (), Robert Östling () and David Cecarini ()
Additional contact information
David Cecarini: Department of Economics, Postal: New York University and Research Institute of Industrial Economics (IFN), Stockholm, , Sweden, https://www.ifn.se/eng/people/affiliated_researchers/david_cesarini

No 1220, Working Paper Series from Research Institute of Industrial Economics

Abstract: We surveyed a large sample of Swedish lottery players about their psychological well-being and analyzed the data following pre-registered procedures. Relative to matched controls, large-prize winners experience sustained increases in overall life satisfaction that persist for over a decade and show no evidence of dissipating with time. The estimated treatment effects on happiness and mental health are significantly smaller, suggesting that wealth has greater long-run effects on evaluative measures of well-being than on affective ones. Follow-up analyses of domain-specific aspects of life satisfaction clearly implicate financial life satisfaction as an important mediator for the long-run increase in overall life satisfaction.

Keywords: Psychological Well-being; Subjective Well-being; Happiness (search for similar items in EconPapers)
JEL-codes: D69 I31 (search for similar items in EconPapers)
Pages: 60 pages
Date: 2018-06-18
New Economics Papers: this item is included in nep-eur, nep-hap, nep-hea, nep-hpe and nep-ltv
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Related works:
Journal Article: Long-Run Effects of Lottery Wealth on Psychological Well-Being (2020) Downloads
Working Paper: Long-run Effects of Lottery Wealth on Psychological Well-being (2018) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:hhs:iuiwop:1220

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