A Whole Lotto Living

Winning big has consequences:

A new working paper from BénĂ©dicte Apouey and Andrew E. Clark finds that lottery winners are happier, but that their physical health declines. The researchers find that a “positive income shock” from a lottery “leads to better mental health two to three years later.” But they also find that lottery winnings “lead to worse lifestyles” in particular, more smoking and more social drinking.