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Long-run Effects of Lottery Wealth on Psychological Well-being

Author

Listed:
  • Lindqvist, Erik

    (Department of Economics)

  • Östling, Robert

    (Institute for International Economic Studies)

  • Cecarini, David

    (Department of Economics)

Abstract

We surveyed a large sample of Swedish lottery players about their psychological well-being and analyzed 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 with time. The estimated treatment effects on happiness and mental health are significantly smaller, suggesting that wealth has greater long-run effects on evaluative measures of well-being than on affective ones. Follow-up analyses of domain-specific aspects of life satisfaction clearly implicate financial life satisfaction as an important mediator for the long-run increase in overall life satisfaction.

Suggested Citation

  • Lindqvist, Erik & Östling, Robert & Cecarini, David, 2018. "Long-run Effects of Lottery Wealth on Psychological Well-being," Working Paper Series 1220, Research Institute of Industrial Economics.
    • Handle: RePEc:hhs:iuiwop:1220
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    Keywords

    Psychological Well-being; Subjective Well-being; Happiness;
    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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