Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/183449 
Year of Publication: 
2018
Series/Report no.: 
IFN Working Paper No. 1220
Publisher: 
Research Institute of Industrial Economics (IFN), Stockholm
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.
Subjects: 
Psychological Well-being
Subjective Well-being
Happiness
JEL: 
D69
I31
Document Type: 
Working Paper

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