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NBER Working Papers and Publications
|March 1999||Estimating the Effect of Unearned Income on Labor Supply, Earnings, Savings, and Consumption: Evidence from a Survey of Lottery Players|
with Guido W. Imbens, Bruce Sacerdote: w7001
Knowledge of the effect of unearned income on economic behavior of individuals in general, and on labor supply in particular, is of great importance to policy makers. Estimation of income effects, however, is a difficult problem because income is not randomly assigned and exogenous changes in income are difficult to identify. Here we exploit the randomized assignment of large amounts of money over long periods of time through lotteries. We carried out a survey of people who played the lottery in the mid-eighties and estimate the effect of lottery winnings on their subsequent earnings, labor supply, consumption, and savings. We find that winning a modest prize ($15,000 per year for twenty years) does not affect labor supply or earnings substantially. Winning such a prize does not consid...
Published: Imbens, Guido W., Donald B. Rubin and Bruce I. Sacerdote. "Estimating The Effect Of Unearned Income On Labor Earnings, Savings, And Consumption: Evidence From A Survey Of Lottery Players," American Economic Review, 2001, v91(4,Sep), 778-794.
|1983||Imputing Income in the CPS: Comments on "Measures of Aggregate Labor Cost in the United States"|
in The Measurement of Labor Cost, Jack E. Triplett, editor