{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,1]],"date-time":"2026-10-01T19:44:52Z","timestamp":1790883892768,"version":"4.1.0"},"reference-count":59,"publisher":"Oxford University Press (OUP)","issue":"6","license":[{"start":{"date-parts":[[2020,2,12]],"date-time":"2020-02-12T00:00:00Z","timestamp":1581465600000},"content-version":"vor","delay-in-days":0,"URL":"http:\/\/creativecommons.org\/licenses\/by-nc\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2020,11,1]]},"abstract":"<jats:title>Abstract<\/jats:title>\n                  <jats:p>We surveyed a large sample of Swedish lottery players about their psychological well-being 5\u201322 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.<\/jats:p>","DOI":"10.1093\/restud\/rdaa006","type":"journal-article","created":{"date-parts":[[2020,2,3]],"date-time":"2020-02-03T15:10:36Z","timestamp":1580742636000},"page":"2703-2726","source":"Crossref","is-referenced-by-count":122,"title":["Long-Run Effects of Lottery Wealth on Psychological Well-Being"],"prefix":"10.1093","volume":"87","author":[{"given":"Erik","family":"Lindqvist","sequence":"first","affiliation":[{"name":"Swedish Institute for Social Research (SOFI), Stockholm University, and Research Institute of Industrial Economics (IFN)"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Robert","family":"\u00d6stling","sequence":"additional","affiliation":[{"name":"Stockholm School of Economics and IFN"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"David","family":"Cesarini","sequence":"additional","affiliation":[{"name":"New York University, NBER, and IFN"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"286","published-online":{"date-parts":[[2020,2,12]]},"reference":[{"key":"2020110415110722200_B1","doi-asserted-by":"crossref","first-page":"516","DOI":"10.1002\/hec.3035","article-title":"Winning Big but Feeling No Better? The Effect of Lottery Prizes on Physical and Mental Health","volume":"24","author":"APOUEY,","year":"2015","journal-title":"Health Economics"},{"key":"2020110415110722200_B2","doi-asserted-by":"crossref","first-page":"370","DOI":"10.1353\/jhr.2013.0014","article-title":"Income Shocks and Adolescent Mental Health","volume":"48","author":"BAIRD,","year":"2013","journal-title":"Journal of Human Resources"},{"key":"2020110415110722200_B3","doi-asserted-by":"crossref","first-page":"2698","DOI":"10.1257\/aer.104.9.2698","article-title":"Beyond Happiness and Satisfaction: Toward Well-Being Indices Based on Stated Preference","volume":"104","author":"BENJAMIN,","year":"2014","journal-title":"American Economic Review"},{"key":"2020110415110722200_B4","doi-asserted-by":"crossref","first-page":"1557","DOI":"10.1007\/s10902-014-9575-7","article-title":"Beyond Income: The Importance for Life Satisfaction of Having Access to a Cash Margin","volume":"16","author":"BERLIN,","year":"2015","journal-title":"Journal of Happiness Studies"},{"key":"2020110415110722200_B5","first-page":"307","volume-title":"The Science of Subjective Well-Being,","author":"BISWAS-DIENER,","year":"2008"},{"key":"2020110415110722200_B6","article-title":"How Much Does the Cardinal Treatment of Ordinal Variables Matter? An Empirical Investigation","author":"BLOEM,","year":"2019"},{"key":"2020110415110722200_B7","doi-asserted-by":"crossref","first-page":"1629","DOI":"10.1086\/701679","article-title":"The Sad Truth about Happiness Scales","volume":"127","author":"BOND,","year":"2018","journal-title":"Journal of Political Economy"},{"key":"2020110415110722200_B8","first-page":"287","volume-title":"Adaptation-level Theory","author":"BRICKMAN,","year":"1971"},{"key":"2020110415110722200_B9","doi-asserted-by":"crossref","first-page":"917","DOI":"10.1037\/0022-3514.36.8.917","article-title":"Lottery Winners and Accident Victims: Is Happiness Relative?","volume":"36","author":"BRICKMAN,","year":"1978","journal-title":"Journal of Personality and Social Psychology"},{"key":"2020110415110722200_B10","doi-asserted-by":"crossref","DOI":"10.1016\/j.jfineco.2020.07.014","article-title":"Windfall Gains and Stock Market Participation","author":"BRIGGS,","year":"2020","journal-title":"Journal of Financial Economics"},{"key":"2020110415110722200_B11","doi-asserted-by":"crossref","first-page":"3917","DOI":"10.1257\/aer.20151589","article-title":"The Effect of Wealth on Individual and Household Labor Supply: Evidence from Swedish Lotteries","volume":"107","author":"CESARINI,","year":"2017","journal-title":"American Economic Review"},{"key":"2020110415110722200_B12","doi-asserted-by":"crossref","first-page":"687","DOI":"10.1093\/qje\/qjw001","article-title":"Wealth, Health, and Child Development: Evidence from Administrative Data on Swedish Lottery Players","volume":"131","author":"CESARINI,","year":"2016","journal-title":"Quarterly Journal of Economics"},{"key":"2020110415110722200_B13","doi-asserted-by":"crossref","first-page":"496","DOI":"10.1111\/ecca.12007","article-title":"Back to Baseline in Britain: Adaptation in the British Household Panel Survey","volume":"80","author":"CLARK,","year":"2012","journal-title":"Economica"},{"key":"2020110415110722200_B14","doi-asserted-by":"crossref","first-page":"95","DOI":"10.1257\/jel.46.1.95","article-title":"Relative Income, Happiness, and Utility: An Explanation for the Easterlin Paradox and Other Puzzles","volume":"46","author":"CLARK,","year":"2008","journal-title":"Journal of Economic Literature"},{"key":"2020110415110722200_B15","doi-asserted-by":"crossref","first-page":"53","DOI":"10.1257\/jep.22.2.53","article-title":"Income, Health, and Well-Being Around the World: Evidence from the Gallup World Poll","volume":"22","author":"DEATON,","year":"2008","journal-title":"Journal of Economic Perspectives"},{"key":"2020110415110722200_B16","doi-asserted-by":"crossref","first-page":"119","DOI":"10.1023\/A:1014411319119","article-title":"Will Money Increase Subjective Well-Being?","volume":"57","author":"DIENER,","year":"2002","journal-title":"Social Indicators Research"},{"key":"2020110415110722200_B17","doi-asserted-by":"crossref","first-page":"276","DOI":"10.1037\/0033-2909.125.2.276","article-title":"Subjective Well-Being: Three Decades of Progress","volume":"125","author":"DIENER,","year":"1999","journal-title":"Psychological Bulletin"},{"key":"2020110415110722200_B18","doi-asserted-by":"crossref","first-page":"1272","DOI":"10.1257\/aer.20130612","article-title":"Debt Relief and Debtor Outcomes: Measuring the Effects of Consumer Bankruptcy Protection","volume":"105","author":"DOBBIE,","year":"2015","journal-title":"American Economic Review"},{"key":"2020110415110722200_B19","volume-title":"The Oxford Handbook of Well-Being and Public Policy","author":"DOLAN,","year":"2016"},{"key":"2020110415110722200_B20","doi-asserted-by":"crossref","first-page":"94","DOI":"10.1016\/j.joep.2007.09.001","article-title":"Do We Really Know What Makes Us Happy? A Review of the Economic Literature on the Factors Associated with Subjective Well-Being","volume":"29","author":"DOLAN,","year":"2008","journal-title":"Journal of Economic Psychology"},{"key":"2020110415110722200_B21","first-page":"89","volume-title":"Nations and Households in Economic Growth: Essays in Honor of Moses Abramovitz","author":"EASTERLIN,","year":"1974"},{"key":"2020110415110722200_B22","doi-asserted-by":"crossref","first-page":"35","DOI":"10.1016\/0167-2681(95)00003-B","article-title":"Will Raising the Incomes of All Increase the Happiness of All?","volume":"27","author":"EASTERLIN,","year":"1995","journal-title":"Journal of Economic Behavior & Organization"},{"key":"2020110415110722200_B23","doi-asserted-by":"crossref","first-page":"305","DOI":"10.1007\/BF02104899","article-title":"Norwegian Lottery Winners: Cautious Realists","volume":"10","author":"ECKBLAD,","year":"1994","journal-title":"Journal of Gambling Studies"},{"key":"2020110415110722200_B24","doi-asserted-by":"crossref","first-page":"1029","DOI":"10.1257\/jel.47.4.1029","article-title":"Beyond GDP: The Quest for a Measure of Social Welfare","volume":"47","author":"FLEURBAEY,","year":"2009","journal-title":"Journal of Economic Literature"},{"key":"2020110415110722200_B25","first-page":"302","volume-title":"Well-Being: The Foundations of Hedonic Psychology","author":"FREDERICK,","year":"1999"},{"key":"2020110415110722200_B26","doi-asserted-by":"crossref","first-page":"402","DOI":"10.1257\/jel.40.2.402","article-title":"What Can Economists Learn from Happiness Research?","volume":"40","author":"FREY,","year":"2002","journal-title":"Journal of Economic Literature"},{"key":"2020110415110722200_B27","doi-asserted-by":"crossref","first-page":"433","DOI":"10.1111\/j.1467-9442.2006.00459.x","article-title":"Can the Large Swings in Russian Life Satisfaction Be Explained by Ups and Downs in Real Incomes?","volume":"108","author":"FRIJTERS,","year":"2006","journal-title":"Scandinavian Journal of Economics"},{"key":"2020110415110722200_B28","doi-asserted-by":"crossref","first-page":"730","DOI":"10.1257\/0002828041464551","article-title":"Money Does Matter! Evidence from Increasing Real Income and Life Satisfaction in East Germany Following Reunification","volume":"94","author":"FRIJTERS,","year":"2004","journal-title":"American Economic Review"},{"key":"2020110415110722200_B29","first-page":"1","article-title":"Gambling Windfall Decisions: Lottery Winners and Employment Behavior","volume":"13","author":"FUR\u00c5KER,","year":"2009","journal-title":"UNLV Gaming Research & Review Journal"},{"key":"2020110415110722200_B30","doi-asserted-by":"crossref","first-page":"49","DOI":"10.1016\/j.jhealeco.2006.08.004","article-title":"Money and Mental Wellbeing: A Longitudinal Study of Medium-sized Lottery Wins","volume":"26","author":"GARDNER,","year":"2007","journal-title":"Journal of Health Economics"},{"key":"2020110415110722200_B31","doi-asserted-by":"crossref","first-page":"641","DOI":"10.1177\/1745691614551642","article-title":"Beyond Power Calculations: Assessing Type S (Sign) and Type M (Magnitude) Errors","volume":"9","author":"GELMAN,","year":"2014","journal-title":"Perspectives on Psychological Science"},{"key":"2020110415110722200_B32","volume-title":"A User\u2019s Guide to the General Health Questionnaire","author":"GOLDBERG,","year":"1988"},{"key":"2020110415110722200_B33","doi-asserted-by":"crossref","first-page":"1973","DOI":"10.1093\/qje\/qjw025","article-title":"The Short-term Impact of Unconditional Cash Transfers to the Poor: Experimental Evidence from Kenya","volume":"131","author":"HAUSHOFER,","year":"2016","journal-title":"Quarterly Journal of Economics"},{"key":"2020110415110722200_B34","doi-asserted-by":"crossref","first-page":"22","DOI":"10.1177\/0038038510387197","article-title":"Finding Prosperity as a Lottery Winner: Presentations of Self after Acquisition of Sudden Wealth","volume":"45","author":"HEDENUS,","year":"2011","journal-title":"Sociology"},{"key":"2020110415110722200_B35","doi-asserted-by":"crossref","first-page":"33","DOI":"10.1038\/s41562-017-0277-0","article-title":"Happiness, Income Satiation and Turning Points Around the World","volume":"2","author":"JEBB,","year":"2018","journal-title":"Nature Human Behaviour"},{"key":"2020110415110722200_B36","doi-asserted-by":"crossref","first-page":"1908","DOI":"10.1126\/science.1129688","article-title":"Would You Be Happier If You Were Richer? A Focusing Illusion?","volume":"312","author":"KAHNEMAN,","year":"2006","journal-title":"Science"},{"key":"2020110415110722200_B37","doi-asserted-by":"crossref","first-page":"16489","DOI":"10.1073\/pnas.1011492107","article-title":"High Income Improves Evaluation of Life but not Emotional Well-Being","volume":"107","author":"KAHNEMAN,","year":"2010","journal-title":"Proceedings of the National Academy of Sciences"},{"key":"2020110415110722200_B38","doi-asserted-by":"crossref","first-page":"168","DOI":"10.1007\/BF01367438","article-title":"Lottery Winners: The Myth and Reality","volume":"3","author":"KAPLAN,","year":"1987","journal-title":"Journal of Gambling Behavior"},{"key":"2020110415110722200_B39","doi-asserted-by":"crossref","first-page":"2226","DOI":"10.1257\/aer.101.5.2226","article-title":"The Effects of Lottery Prizes on Winners and Their Neighbors: Evidence from the Dutch Postcode Lottery","volume":"101","author":"KUHN,","year":"2011","journal-title":"American Economic Review"},{"key":"2020110415110722200_B40","doi-asserted-by":"crossref","first-page":"374","DOI":"10.3368\/jhr.52.2.1014-6727R1","article-title":"The Effect of Income on Subjective Well-Being: Evidence from the 2008 Economic Stimulus Tax Rebates","volume":"52","author":"LACHOWSKA,","year":"2017","journal-title":"Journal of Human Resources"},{"key":"2020110415110722200_B41","doi-asserted-by":"crossref","first-page":"187","DOI":"10.1111\/j.1536-7150.2010.00768.x","article-title":"Becoming a Winner But Staying the Same: Identities and Consumption of Lottery Winners","volume":"70","author":"LARSSON,","year":"2011","journal-title":"American Journal of Economics and Sociology"},{"key":"2020110415110722200_B42","doi-asserted-by":"crossref","first-page":"C24","DOI":"10.1111\/j.1468-0297.2006.01073.x","article-title":"Happiness and Public Policy: a Challenge to the Profession","volume":"116","author":"LAYARD,","year":"2006","journal-title":"Economic Journal"},{"key":"2020110415110722200_B43","doi-asserted-by":"crossref","first-page":"144","DOI":"10.3368\/jhr.XL.1.144","article-title":"Estimating the Effect of Income on Health and Mortality Using Lottery Prizes as an Exogenous Source of Variation in Income","volume":"40","author":"LINDAHL,","year":"2005","journal-title":"Journal of Human Resources"},{"key":"2020110415110722200_B44","first-page":"963","article-title":"Neighbors as Negatives: Relative Earnings and Well-Being","volume":"120","author":"LUTTMER,","year":"2005","journal-title":"Quarterly Journal of Economics"},{"key":"2020110415110722200_B45","doi-asserted-by":"crossref","DOI":"10.3386\/w24337","article-title":"No Strings Attached: The Behavioral Effects of U.S. Unconditional Cash Transfer Programs","author":"MARINESCU,","year":"2018"},{"key":"2020110415110722200_B46","doi-asserted-by":"crossref","first-page":"1090","DOI":"10.1016\/j.jhealeco.2013.09.002","article-title":"Recession Depression: Mental Health Effects of the 2008 Stockmarket Crash","volume":"32","author":"MCINERNEY,","year":"2013","journal-title":"Journal of Health Economics"},{"key":"2020110415110722200_B47","doi-asserted-by":"crossref","first-page":"4950","DOI":"10.1002\/sim.3325","article-title":"Fitting Stratified Proportional Odds Models by Amalgamating Conditional Likelihoods","volume":"27","author":"MUKHERJEE,","year":"2008","journal-title":"Statistics in Medicine"},{"key":"2020110415110722200_B48","article-title":"The Effect of Wealth on Survey Outcomes","author":"\u00d6STLING,","year":"2016","journal-title":"Analysis Plan Archived on through the Open Science Framework"},{"key":"2020110415110722200_B49","doi-asserted-by":"crossref","first-page":"187","DOI":"10.1086\/655458","article-title":"Does Money Matter? The Effects of Cash Transfers on Child Development in Rural Ecuador","volume":"59","author":"PAXSON,","year":"2010","journal-title":"Economic Development and Cultural Change"},{"key":"2020110415110722200_B50","doi-asserted-by":"crossref","first-page":"1181","DOI":"10.1037\/a0029873","article-title":"The New Stylized Facts about Income and Subjective Well-Being","volume":"12","author":"SACKS,","year":"2012","journal-title":"Emotion"},{"key":"2020110415110722200_B51","first-page":"97","volume-title":"The Science of Subjective Well-Being","author":"SCHIMMACK,","year":"2008"},{"key":"2020110415110722200_B52","doi-asserted-by":"crossref","first-page":"337","DOI":"10.1016\/j.euroecorev.2016.12.011","article-title":"Revisiting the Evidence for Cardinal Treatment of Ordinal Variables","volume":"92","author":"SCHR\u00d6DER,","year":"2017","journal-title":"European Economic Review"},{"key":"2020110415110722200_B53","first-page":"349","article-title":"Wealth Shocks and Health Outcomes: Evidence from Stock Market Fluctuations","volume":"10","author":"SCHWANDT,","year":"2018","journal-title":"American Economic Journal: Applied Economics"},{"key":"2020110415110722200_B54","first-page":"1","article-title":"Economic Growth and Subjective Well-Being: Reassessing the Easterlin Paradox","author":"STEVENSON,","year":"2008"},{"key":"2020110415110722200_B55","doi-asserted-by":"crossref","first-page":"598","DOI":"10.1257\/aer.103.3.598","article-title":"Subjective Well-Being and Income: Is There Any Evidence of Satiation","volume":"103","author":"STEVENSON,","year":"2013","journal-title":"American Economic Review"},{"key":"2020110415110722200_B56","doi-asserted-by":"crossref","first-page":"339","DOI":"10.1111\/j.1467-9442.2008.00542.x","article-title":"Stress that Doesn\u2019t Pay: The Commuting Paradox","volume":"110","author":"STUTZER,","year":"2008","journal-title":"Scandinavian Journal of Economics"},{"key":"2020110415110722200_B57","volume-title":"Resampling-Based Multiple Testing: Examples and Methods for P-value Adjustment","author":"WESTFALL,","year":"1993"},{"key":"2020110415110722200_B58","doi-asserted-by":"crossref","first-page":"557","DOI":"10.1093\/qje\/qjy029","article-title":"Channeling Fisher: Randomization Tests and the Statistical Insignificance of Seemingly Significant Experimental Results","volume":"134","author":"YOUNG,","year":"2018","journal-title":"The Quarterly Journal of Economics"},{"key":"2020110415110722200_B59","doi-asserted-by":"crossref","first-page":"121","DOI":"10.2307\/2531248","article-title":"Longitudinal Data Analysis for Discrete and Continuous Outcomes","volume":"42","author":"ZEGER,","year":"1986","journal-title":"Biometrics"}],"container-title":["The Review of Economic Studies"],"original-title":[],"language":"en","link":[{"URL":"http:\/\/academic.oup.com\/restud\/advance-article-pdf\/doi\/10.1093\/restud\/rdaa006\/33012504\/rdaa006.pdf","content-type":"application\/pdf","content-version":"am","intended-application":"syndication"},{"URL":"http:\/\/academic.oup.com\/restud\/article-pdf\/87\/6\/2703\/34133070\/rdaa006.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"syndication"},{"URL":"http:\/\/academic.oup.com\/restud\/article-pdf\/87\/6\/2703\/34133070\/rdaa006.pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,11,4]],"date-time":"2020-11-04T15:12:03Z","timestamp":1604502723000},"score":1,"resource":{"primary":{"URL":"https:\/\/academic.oup.com\/restud\/article\/87\/6\/2703\/5734654"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2020,2,12]]},"references-count":59,"journal-issue":{"issue":"6","published-online":{"date-parts":[[2020,2,12]]},"published-print":{"date-parts":[[2020,11,1]]}},"URL":"https:\/\/doi.org\/10.1093\/restud\/rdaa006","relation":{},"ISSN":["0034-6527","1467-937X"],"issn-type":[{"value":"0034-6527","type":"print"},{"value":"1467-937X","type":"electronic"}],"subject":[],"published-other":{"date-parts":[[2020,11]]},"published":{"date-parts":[[2020,2,12]]}}}