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Delay and Deservingness after Winning the Lottery

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Author Info

  • Andrew J. Oswald

    ()
    (Department of Economics, University of Warwick)

  • Rainer Winkelmann

    ()
    (Socioeconomic Institute, University of Zurich)

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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File URL: http://www.soi.uzh.ch/research/wp/2008/wp0815.pdf
File Function: first version, 2008
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Bibliographic Info

Paper provided by Socioeconomic Institute - University of Zurich in its series SOI - 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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Related research

Keywords: well-being; lottery income; deservingness; cognitive dissonance; happiness;

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Cited by:
  1. Apouey, Bénédicte & Clark, Andrew E., 2010. "Winning Big but Feeling No Better? The Effect of Lottery Prizes on Physical and Mental Health," IZA Discussion Papers 4730, Institute for the Study of Labor (IZA).
  2. Bénédicte H. Apouey & Andrew E. Clark, 2014. "Winning big but feeling no better? The effect of lottery prizes on physical and mental health," Working Papers halshs-00566789, HAL.
  3. Polk, Andreas & Schmutzler, Armin & Müller, Adrian, 2013. "Lobbying and the Power of Multinational Firms," Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79875, Verein für Socialpolitik / German Economic Association.
  4. Maurus Rischatsch, 2009. "Simulating WTP Values from Random-Coefficient Models," SOI - Working Papers 0912, Socioeconomic Institute - University of Zurich.
  5. Michele Sennhauser, 2009. "Why the Linear Utility Function is a Risky Choice in Discrete-Choice Experiments," SOI - Working Papers 1014, Socioeconomic Institute - University of Zurich.
  6. Maurus Rischatsch & Maria Trottmann, 2009. "Physician dispensing and the choice between generic and brand-name drugs – Do margins affect choice?," SOI - Working Papers 0911, Socioeconomic Institute - University of Zurich.
  7. Ilja Neustadt & Peter Zweifel, 2009. "Economic Well-Being, Social Mobility, and Preferences for Income Redistribution: Evidence from a Discrete Choice Experiment," SOI - Working Papers 0909, Socioeconomic Institute - University of Zurich, revised Jan 2010.

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