Justin Wolfers: Money Really Does Lead to a More Satisfying Life: "Lottery winners said they were substantially more satisfied with their lives than lottery losers.... These effects are remarkably durable... still evident up to two decades after a big win...

...“Long-Run Effects of Lottery Wealth on Psychological Well-Being”... by Erik Lindqvist... Robert Ostling... and David Cesarini.... This research is able to reliably disentangle causation and correlation because a lottery effectively provides a randomized control trial.... The authors persuaded the Swedish statistical authorities to try to survey every winner of three of the country’s major lotteries over more than a decade, and then used government records to track other aspects of the winners’ lives.... A further set of questions probed the mental health of respondents, finding that greater income had no effect, although in related work, the same authors find that lottery winners are prescribed fewer mental health drugs. I interpret this as suggestive but not conclusive evidence that wealth improves one’s mental health.... These results provide strong evidence in support of the standard economic view that money increases well-being...


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