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Estimating the effect of unearned income on labor earnings, savings, and consumption: Evidence from a survey of lottery players

Опубликовано на портале: 15-12-2002
American Economic Review. 2001.  Vol. 91. No. 4. P. 778-794. 
Тематический раздел:
This paper provides empirical evidence about the effect of unearned income on earnings. consumption, and savings. Using an original survey of people playing the lottery in Massachusetts in the mid-1980's, the effects of the magnitude of lottery prizes on economic behavior are analyzed. The critical assumption is that among lottery winners the magnitude of the prize is randomly assigned. It is found that unearned income reduces labor earnings, with a marginal propensity to consume leisure of approximately 11 percent, with larger effects for individuals between 55 and 65 years old. After receiving about half their prize, individuals saved about 16 percent.
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