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

Author

Listed:
  • Erik Lindqvist
  • Robert Östling
  • David Cesarini

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.

Suggested Citation

  • Erik Lindqvist & Robert Östling & David Cesarini, 2020. "Long-Run Effects of Lottery Wealth on Psychological Well-Being," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 87(6), pages 2703-2726.
    • Handle: RePEc:oup:restud:v:87:y:2020:i:6:p:2703-2726.
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    File URL: http://hdl.handle.net/10.1093/restud/rdaa006
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    Keywords

    Happiness; well-being; mental health; lottery;
    All these keywords.

    JEL classification:

    • D69 - Microeconomics - - Welfare Economics - - - Other
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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