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• W1532321599 abstract "Each week, the Dutch Postcode Lottery (PCL) randomly selects a postal code, and distributes cash and a new BMWto lottery participants in that code. We study the effects of these shocks on lottery winners and their neighbors.Consistent with the life-cycle hypothesis, the effects on winners’ consumption are largely confined to cars and otherdurables. Consistent with the theory of in-kind transfers, the vast majority of BMW winners liquidate their BMWs.We do, however, detect substantial social effects of lottery winnings: PCL nonparticipants who live next door towinners have significantly higher levels of car consumption than other nonparticipants." @default.
• W1532321599 created "2016-06-24" @default.
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• W1532321599 date "2008-01-01" @default.
• W1532321599 modified "2023-09-27" @default.
• W1532321599 title "The Own and Social Effects of an Unexpected Income Shock" @default.
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