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Money and mental wellbeing: A longitudinal study of medium-sized lottery wins

  • Gardner, Jonathan
  • Oswald, Andrew J.

One of the famous questions in social science is whether money makes people happy. We offer new evidence by using longitudinal data on a random sample of Britons who receive medium-sized lottery wins of between £1000 and £120,000 (that is, up to approximately U.S. $200,000). When compared to two control groups – one with no wins and the other with small wins – these individuals go on eventually to exhibit significantly better psychological health. Two years after a lottery win, the average measured improvement in mental wellbeing is 1.4 GHQ points.

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Article provided by Elsevier in its journal Journal of Health Economics.

Volume (Year): 26 (2007)
Issue (Month): 1 (January)
Pages: 49-60

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Handle: RePEc:eee:jhecon:v:26:y:2007:i:1:p:49-60
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/505560

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