Delay and Deservingness after Winning the Lottery

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Delay and Deservingness after Winning the Lottery

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Andrew J. Oswald () (Department of Economics, University of Warwick)
Rainer Winkelmann () (Socioeconomic Institute, University of Zurich)

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Abstract

Economics rests upon a set of presumptions about how human beings are affected by income. Yet causal evidence is scant. This paper reports a longitudinal study of randomly selected lottery winners. Remarkably, we show that it takes almost three years before they enjoy their money. We develop a model of dissonance and deservingness. We argue that, despite the tradition of economics, human beings may weight differently the different kinds of income that accrue to them. If so, it is not sufficient to describe utility by a function u(y), and it is not true that ‘a dollar is a dollar’.

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Paper provided by University of Zurich, Socioeconomic Institute in its series Working Papers with number 0815.

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Length: 29 pages
Date of creation: Dec 2008
Date of revision:
Handle: RePEc:soz:wpaper:0815

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Find related papers by JEL classification:
I31 - Health, Education, and Welfare - - Welfare and Poverty - - - General Welfare
J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs

This paper has been announced in the following NEP Reports:

NEP-ALL-2009-01-03 (All new papers)
NEP-UPT-2009-01-03 (Utility Models & Prospect Theory)

Cited by:
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Ilja Neustadt & Peter Zweifel, 2009. "Economic Well-Being, Social Mobility, and Preferences for Income Redistribution: Evidence from a Discrete Choice Experiment," Working Papers 0909, University of Zurich, Socioeconomic Institute, revised Jan 2010. [Downloadable!]
Maurus Rischatsch, 2009. "Simulating WTP Values from Random-Coefficient Models," Working Papers 0912, University of Zurich, Socioeconomic Institute. [Downloadable!]
Maurus Rischatsch & Maria Trottmann, 2009. "Physician dispensing and the choice between generic and brand-name drugs – Do margins affect choice?," Working Papers 0911, University of Zurich, Socioeconomic Institute. [Downloadable!]

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This page was last updated on 2010-1-25.

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