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.

Interdisciplinary European Studies

The European Union in a Changing World Order

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This book explores how the European Union responds to the ongoing challenges to the liberal international order. These challenges arise both within the EU itself and beyond its borders, and put into question the values of free trade and liberal democracy. 

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