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Happy lottery winners and lottery‐ticket bias
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Kim, Seonghoon and Oswald, Andrew J. (2021) Happy lottery winners and lottery‐ticket bias. Review of Income and Wealth, 67 (2). pp. 317-333. doi:10.1111/roiw.12469 ISSN 1475-4991.
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Review of Income and Wealth - 2020 - Kim - Happy Lottery Winners and Lottery‐Ticket Bias.pdf - Published Version - Requires a PDF viewer. Available under License Creative Commons Attribution 4.0. Download (231Kb) | Preview |
Official URL: https://doi.org/10.1111/roiw.12469
Abstract
The world spends a remarkable $250 billion a year on lottery tickets. Yet, perplexingly, it has proved difficult for social scientists to show that lottery windfalls actually make people happier. This is the famous and still unresolved paradox due initially to Brickman and colleagues. Here we describe an underlying weakness that has affected the research area, and explain the concept of lottery-ticket bias (LT bias), which stems from unobservable lottery spending. We then collect new data—in the world’s most intense lottery-playing nation, Singapore—on the amount that people spend on lottery tickets (n = 5626). We demonstrate that, once we correct for LT bias, a lottery windfall is predictive of a substantial improvement in happiness and well-being.
Item Type: | Journal Article | ||||||
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Subjects: | H Social Sciences > HG Finance | ||||||
Divisions: | Faculty of Social Sciences > Economics | ||||||
SWORD Depositor: | Library Publications Router | ||||||
Library of Congress Subject Headings (LCSH): | Lottery winners, Happiness -- Social aspects, Income | ||||||
Journal or Publication Title: | Review of Income and Wealth | ||||||
Publisher: | Wiley | ||||||
ISSN: | 1475-4991 | ||||||
Official Date: | June 2021 | ||||||
Dates: |
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Volume: | 67 | ||||||
Number: | 2 | ||||||
Page Range: | pp. 317-333 | ||||||
DOI: | 10.1111/roiw.12469 | ||||||
Status: | Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||
Date of first compliant deposit: | 11 February 2022 | ||||||
Date of first compliant Open Access: | 14 February 2022 | ||||||
RIOXX Funder/Project Grant: |
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