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One of the famous questions in social science is whether money makes people happy. We offer new evidence by using longitudinal data on a random sample of Britons who receive medium-sized lottery wins of between 1000 pounds and 120,000 pounds (that is, up to approximately US$ 200,000). When compared to two control groups -- one with no wins and the other(More)
The most fundamental idea in economics is that money makes people happy. This paper constructs a test. It studies longitudinal information on the psychological health and reported happiness of approximately 9,000 randomly chosen people. In the spirit of a natural experiment, the paper shows that those in the panel who receive windfalls-by winning lottery(More)
It is believed that the length of a person's life depends on a mixture of economic and social factors. Yet the relative importance of these is still debated. We provide recent British evidence that marriage has a strong positive effect on longevity. Economics matters less. After controlling for health at the start of the 1990s, we cannot find reliable(More)
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The paper studies one of the puzzles of modern economics. Why does Western Europe have 20 million unemployed workers? This is more than 10% of the workforce. Yet in the 1950s and 60s, unemployment rates were consistently less than 3%. The paper provides evidence for four ideas*. 1. Unemployed people are very unhappy. 2. Oil prices explain the main cycles in(More)
This paper studies workers' lives in modern Britain. It uses longitudinal data to examine stress and job satisfaction through the decade of the 1990s. The results are disturbing. On both measures, the wellbeing of British public sector workers worsened sharply over the decade. The size of the deterioration was between one half point and one full point on a(More)
The case of a patient who presented with angina following a coronary artery bypass (CABG) operation during which the left internal mammary artery was inadvertently anastomosed to a cardiac vein is presented. The literature concerning previously reported cases of aortocoronary arteriovenous fistulas (ACAVF) due to inadvertent grafting of a coronary vein is(More)
How do human beings make wage comparisons? This paper provides empirical support for an approach suggested by the psychologist Allen Parducci. The paper combines an experimental study with an analysis of data on 16,000 British employees. Satisfaction levels are shown to depend not simply upon relative pay but upon an individual's ordinal rank within a(More)
participants in an interdisciplinary symposium organised by Gary Becker (University of Chicago, 2004) for helpful suggestions. Any opinions in this article are those of the individual authors only; they do not necessarily reflect the views or policies of Watson Wyatt. 2 Abstract What makes workers happy? Here we argue that pure 'rank' matters. It is(More)