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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)

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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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File URL: http://www.soi.uzh.ch/research/wp/2008/wp0815.pdf
File Format: application/pdf
File Function: first version, 2008
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Publisher Info
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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Related research
Keywords: well-being; lottery income; deservingness; cognitive dissonance; happiness;

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

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This page was last updated on 2009-11-4.

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