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New theory addresses frozen Earth paradox
COVENTRY, England, Sept. 19 (UPI) -- British scientists seeking to discover how much must be won in a lottery to deliver long-term happiness say, predictably, small prizes don't do it.
But Andrew Oswald, a professor of economics at the University of Warwick, and Jonathan Gardner of the financial management firm Watson Wyatt, say a major money prize isn't necessary. They determined medium-sized lottery wins ranging from about $2,000 to $225,000 had a long-term sustained impact in the overall happiness of the winners.
On average, two years after their win, medium-sized lottery winners had a mental well-being score 1.4 points better than previously -- meaning, loosely, two years after their win they were slightly more than 10 percent happier than the average person without a win or only a tiny lottery win.
The researchers also found increased happiness is not immediately obvious after a medium-sized lottery win and takes some time to show.
Oswald said the delay could be due to the short term disruptive effect on one's live of actually winning, or that, initially, many windfall lottery funds are saved and spent later.
The research is to be published in the Journal of Health Economics.
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