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. Author manuscript; available in PMC: 2015 Nov 1.
Published in final edited form as: Eur Econ Rev. 2014 Nov 1;72:197–220. doi: 10.1016/j.euroecorev.2014.10.003

Table 5.

Estimates of the effect of lottery winnings – BHPS

Outcome FE Big
Lottery Won		 FE Log Amount
Lottery Won
Full sample (panel 1)
Log Food Expenditures 0.0959** 0.0069**
  N = 134,829 (0.0388) (0.0030)
Smoking − 0.0047 0.0002
  N = 134,829 (0.0091) (0.0006)
  – Among Smokers 0.0115 − 0.0005
  N = 34,678 (0.0237) (0.0015)
  – Among Non-Smokers − 0.0014 − 0.0003
  N = 100,151 (0.0053) (0.0004)
Log Number of Cigarettes 0.0480 − 0.0014
  N = 34,678 (0.0601) (0.0042)
Drinking Out 0.1076* 0.0145***
  N = 74,142 (0.0566) (0.0036)
Sports − 0.0424 0.0114**
  N = 61,848 (0.0842) (0.0054)
Most Healthy and Most Wealthy (panel 2)
Log Food Expenditures 0.0089 0.0057
  N = 49,252 (0.0478) (0.0041)
Smoking − 0.0002 0.0004
  N = 49,252 (0.0106) (0.0008)
  – Among Smokers 0.0272 0.0041
  N = 7,838 (0.0393) (0.0031)
  – Among Non-Smokers 0.0025 − 0.0006
  N = 41,414 (0.0036) (0.0005)
Log Number of Cigarettes 0.0568 0.0077
  N = 7,838 (0.1070) (0.0089)
Drinking Out 0.1730* 0.0105**
  N = 27,132 (0.0922) (0.0053)
Sports − 0.0748 − 0.0023
  N = 22,303 (0.1264) (0.0074)
Most Healthy and Least Wealthy (panel 3)
Log Food Expenditures 0.0529 0.0073
  N = 44,414 (0.0748) (0.0057)
Smoking 0.0087 0.0020*
  N = 44,414 (0.0193) (0.0012)
  – Among Smokers 0.0711* 0.0006
  N = 13,831 (0.0391) (0.0026)
  – Among Non-Smokers − 0.0027 0.0001
  N = 30,583 (0.0150) (0.0007)
Log Number of Cigarettes 0.1451 − 0.0017
  N = 13,831 (0.0970) (0.0068)
Drinking Out 0.0821 0.0156**
  N = 24,441 (0.0943) (0.0066)
Sports 0.0147 0.0181*
  N = 20,383 (0.1668) (0.0110)
Least Healthy and Most Wealthy (panel 4)
Log Food Expenditures 0.1572 0.0137*
  N = 18,996 (0.1343) (0.0077)
Smoking − 0.0494* − 0.0026
  N = 18,996 (0.0298) (0.0017)
  – Among Smokers − 0.1230* − 0.0043
  N = 4,563 (0.0736) (0.0042)
  – Among Non-Smokers − 0.0130 − 0.0007
  N = 14,433 (0.0135) (0.0011)
Log Number of Cigarettes − 0.2287 − 0.0034
  N = 4,563 (0.1812) (0.0113)
Drinking Out 0.0969 0.0160
  N = 10,468 (0.1600) (0.0100)
Sports 0.1319 0.0232
  N = 8,842 (0.2169) (0.0142)
Least Healthy and Least Wealthy (panel 5)
Log Food Expenditures 0.3200** − 0.0006
  N = 19,104 (0.1257) (0.0105)
Smoking − 0.0024 − 0.0012
  N = 19,104 (0.0216) (0.0017)
  – Among Smokers 0.0197 − 0.0017
  N = 7,819 (0.0450) (0.0029)
  – Among Non-Smokers − 0.0202 − 0.0008
  N = 11,285 (0.0129) (0.0012)
Log Number of Cigarettes 0.1140 − 0.0039
  N = 7,819 (0.1323) (0.0090)
Drinking Out 0.1803 0.0312***
  N = 10,509 (0.1657) (0.0118)
Sports − 0.3022 0.0229
  N = 8,904 (0.2337) (0.0181)
*

p-value < 0.1,

**

p-value < 0.05,

***

p-value < 0.01

Notes: “FE Big Lottery Won” refers to (19) and “FE Log Amount Lottery Won” to (18). All models include the control variables in Table 9. “Most Healthy” are those initially in “Excellent” or “Good” health, and “Least Healthy” are those initially in “Fair”, “Poor”, or “Very Poor” health. “Most Wealthy” and “Least Wealthy” include individuals that at first observation are, respectively, above and below the age-wave-specific median imputed household wealth.