Long-Run Effects of Lottery Wealth on Psychological Well-Being

Author:

Lindqvist Erik1,Östling Robert2,Cesarini David3

Affiliation:

1. Swedish Institute for Social Research (SOFI), Stockholm University, and Research Institute of Industrial Economics (IFN)

2. Stockholm School of Economics and IFN

3. New York University, NBER, and IFN

Abstract

Abstract We surveyed a large sample of Swedish lottery players about their psychological well-being 5–22 years after a major lottery event and analysed 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 over time. The estimated treatment effects on happiness and mental health are significantly smaller. Follow-up analyses of domain-specific aspects of life satisfaction implicate financial life satisfaction as an important mediator for the long-run increase in overall life satisfaction.

Publisher

Oxford University Press (OUP)

Subject

Economics and Econometrics

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