Long-run Effects of Lottery Wealth on Psychological Well-being
Erik Lindqvist (),
Robert Östling () and
David Cesarini ()
No 24667, NBER Working Papers from National Bureau of Economic Research, Inc
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.
JEL-codes: D69 I31 (search for similar items in EconPapers)
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Published as Erik Lindqvist & Robert Östling & David Cesarini, 2020. "Long-Run Effects of Lottery Wealth on Psychological Well-Being," The Review of Economic Studies, vol 87(6), pages 2703-2726.
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Journal Article: Long-Run Effects of Lottery Wealth on Psychological Well-Being (2020)
Working Paper: Long-run Effects of Lottery Wealth on Psychological Well-being (2018)
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