We use British panel data to explore the exogenous impact of income on a number of individual health outcomes: general … us to make causal statements regarding the effect of income on health, as the amount won is largely exogenous. These … positive income shocks have no significant effect on general health, but a large positive effect on mental health. This result …

Economics rests upon a set of presumptions about how human beings are affected by income. Yet causal evidence is scant … tradition of economics, human beings may weight differently the different kinds of income that accrue to them. If so, it is not … sufficient to describe utility by a function u(y), and it is not true that ‘a dollar is a dollar’. -- well-being ; lottery income …