Money and mental wellbeing: A longitudinal study of medium-sized lottery wins

Gardner, Jonathan; Oswald, Andrew J.

doi:10.1016/j.jhealeco.2006.08.004

Cited by 458 publications

(311 citation statements)

References 57 publications

Supporting

Mentioning

294

Contrasting

Unclassified

Order By: Relevance

“…It is also a very commonly used measure of individual well-being by economists in the UK literature (e.g. Clark and Oswald 1994;McCulloch 2001;Wigging et al 2004;Gardner and Oswald 2007). 4 The questionnaire consists of 12 statements about aspects of wellbeing relating to worry, tension or sleeplessness.…”

Section: The Ghqmentioning

confidence: 99%

Mental health and education decisions

2015

View full text Add to dashboard Cite

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. www.econstor.eu The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent nonprofit organization supported by Deutsche Post Foundation. The center is associated with the University of Bonn and offers a stimulating research environment through its international network, workshops and conferences, data service, project support, research visits and doctoral program. IZA engages in (i) original and internationally competitive research in all fields of labor economics, (ii) development of policy concepts, and (iii) dissemination of research results and concepts to the interested public. Terms of use: Documents in EconStor may D I S C U S S I O N P A P E R S E R I E SIZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be available directly from the author. ABSTRACT Mental Health and Education Decisions *Mental health problems -and depression in particular -have been rising internationally. The link between poor mental health and poor educational outcomes is particularly interesting in the case of the UK which has a low international ranking both on measures of child wellbeing and the probability of early drop-out from the labour market and education. We study this issue using a large longitudinal study of a recent cohort of teenagers in England. We use the General Health Questionnaire to derive measures of poor mental health. We find a large negative association between mental health problems and educational outcomes -where we consider examination results before leaving compulsory education and the probability of being "not in education, employment or training" at a young age. The association is large even after including a very rich set of controls. Results are stronger for girls and also vary according to the different components of the mental health measure. We also explore the potential role of intermediary mechanisms (truancy and risky behaviors). Executive summaryAlthough poor mental health has often been correlated with poor educational attainment and/or dropping out of education, there have been few longitudinal studies on this subject. In this paper, we investigate this issue using a recent longitudinal study of young people in England. England is a very interesting country to u...

show abstract

Section: The Ghqmentioning

confidence: 99%

Mental health and education decisions

2015

View full text Add to dashboard Cite

show abstract

“…Such an experiment is not possible but researchers have analyzed longitudinally the effect of medium sized lottery wins on psychological distress. An average lottery or pool win of £4,300 is found to bring approximately a quarter of a standard deviation improvement to mental health two years after the win (Gardner and Oswald, 2007). This suggests that even when the best income-psychological distress estimates are considered (Gardner and Oswald, 2007), psychological therapy is still calculated to be at least 32 times more cost effective than financial compensation.…”

Section: A Cost Effectiveness Comparison Between Psychological Therapmentioning

confidence: 99%

Money or mental health: the cost of alleviating psychological distress with monetary compensation versus psychological therapy

Boyce

Wood

2010

HEPL

View full text Add to dashboard Cite

Money is the default way in which intangible losses, such as pain and suffering, are currently valued and compensated in law courts. Economists have suggested that subjective well-being regressions can be used to guide compensation payouts for psychological distress following traumatic life events. We bring together studies from law, economic, psychology and medical journals to show that alleviating psychological distress through psychological therapy could be at least 32 times more cost effective than financial compensation. This result is not only important for law courts but has important implications for public health. Mental health is deteriorating across the world – improvements to mental health care might be a more efficient way to increase the health and happiness of our nations than pure income growth.

show abstract

“…3 Given the practical constraints involved in randomizing people to receive different amounts of wealth, researchers have tried to solve these methodological challenges with quasi-experimental designs, in particular by exploiting exogenous variation generated by individual wealth or income shocks. Important examples include lottery winnings (Lindahl 2005;Gardner and Oswald 2007;Apouey and Clark 2015;Cesarini et al 2016), stock market fluctuations (Schwandt 2014), inheritances (Meer et al 2003;Kim and Ruhm 2012;Carman 2013), and unanticipated policy changes (Jensen and Richter 2004;Case 2004;Frijters et al 2005;Snyder and Evans 2006). 4 The general finding is that wealth and income have a limited impact on adult health in the short to medium run.…”

Section: Introductionmentioning

confidence: 99%

Health responses to a wealth shock: evidence from a Swedish tax reform

Erixson

2017

J Popul Econ

View full text Add to dashboard Cite

This paper makes two contributions to the literature on the effects of wealth on health. First, it deals with reverse causality and omitted variable bias by exploiting exogenous variation in inherited wealth generated by the repeal of the Swedish inheritance tax. Second, it analyzes responses in health outcomes through the use of administrative registers. The results show that increased wealth has limited short to medium run impacts on objective adult health. This is in line with what has previously been reported in the literature.

show abstract

Money and mental wellbeing: A longitudinal study of medium-sized lottery wins

Cited by 458 publications

References 57 publications

Mental health and education decisions

Mental health and education decisions

Money or mental health: the cost of alleviating psychological distress with monetary compensation versus psychological therapy

Health responses to a wealth shock: evidence from a Swedish tax reform

Contact Info

Product

Resources

About