2020

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

Reprint No. 2020:75

Author(s): Erik Lindqvist, Robert Östling and David CesariniYear: 2020 Title: Review of Economic Studies Volume (No.): 87 (6) Pages: 2703–2726
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Long-Run Effects of Lottery Wealth on Psychological Well-Being Erik Lindqvist, Robert Östling and David Cesarini


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.


Reference:
Lindqvist, Erik, Robert Östling and David Cesarini (2020), "Long-Run Effects of Lottery Wealth on Psychological Well-Being". Review of Economic Studies 87(6), 2703–2726.

Erik Lindqvist

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Interdisciplinary European Studies

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