Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/33935
Authors: 
Gardner, Jonathan
Oswald, Andrew J.
Year of Publication: 
2006
Series/Report no.: 
IZA Discussion Papers 2233
Abstract: 
One of the famous questions in social science is whether money makes people happy. We offer new evidence by using longitudinal data on a random sample of Britons who receive medium-sized lottery wins of between £1000 and £120,000 (that is, up to approximately U.S. $200,000). When compared to two control groups - one with no wins and the other with small wins - these individuals go on eventually to exhibit significantly better psychological health. Two years after a lottery win, the average measured improvement in mental wellbeing is 1.4 GHQ points.
JEL: 
D1
I3
Document Type: 
Working Paper

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