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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

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.

JEL-codes: D69 I31 (search for similar items in EconPapers)
Date: 2018-05
New Economics Papers: this item is included in nep-eur, nep-hap, nep-hea, nep-knm and nep-neu
Note: AG HE LS PE
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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) Downloads
Working Paper: Long-run Effects of Lottery Wealth on Psychological Well-being (2018) Downloads
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