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http://hdl.handle.net/10419/36917
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| Title: | | The effects of lottery prizes on winners and their neighbors: Evidence from the Dutch Postcode Lottery  |
| Authors: | | Kuhn, Peter Kooreman, Peter Soetevent, Adriaan R. Kapteyn, Arie |
| Issue Date: | | 2010 |
| Series/Report no.: | | Discussion paper series // Forschungsinstitut zur Zukunft der Arbeit 4950 |
| Abstract: | | Each week, the Dutch Postcode Lottery (PCL) randomly selects a postal code, and distributes cash and a new BMW to lottery participants in that code. We study the effects of these shocks on lottery winners and their neighbors. Consistent with the life-cycle hypothesis, the effects on winners' consumption are largely confined to cars and other durables. Consistent with the theory of in-kind transfers, the vast majority of BMW winners liquidate their BMWs. We do, however, detect substantial social effects of lottery winnings: PCL nonparticipants who live next door to winners have significantly higher levels of car consumption than other nonparticipants. |
| Subjects: | | Social interactions natural experiments |
| JEL: | | D12 C21 |
| Document Type: | | Working Paper |
| Appears in Collections: | | IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)
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