Working Paper No. 1220

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

Published: June 18, 2018Pages: 60Keywords: Psychological Well-being; Subjective Well-being; HappinessJEL-codes: D69; I31

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 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.

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Martin Ljunge okt 2018.jpg

Martin Ljunge, IFN, is the author of a chapter, "Trust promotes health: addressing reverse causality by studying children of immigrants", in a new book edited by Sherman Folland and Eric Nauenberg. The cutting edge of research is presented, covering the ever-expanding social capital field.

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