From: Russell Blackford (rblackford@hotmail.com)
Date: Sat Jul 21 2001 - 18:05:05 MDT
Loree said
>Has there been any study done on the effects of
>lottery winning? With the prevalence of state
>sponsored lotteries these days there is certainly a
>large enough population base to analyze and reach firm
>conclusions about what the average American would do
>if "their ship came in."
I don't know of any *study*. But there's lots of empirical evidence that
lottery winners commonly stuff up. However, this is not always the case. My
parents once (this is well over 30 years ago when I was a kid) won a
substantial sum of money in a lottery and they used it very prudently.
However, it seems that most people don't understand the value of money,
don't have good concepts of investing, etc. This is also shown by peoples'
wildly over-optimistic estimates of the amount they need to be able to
retire in comfort.
R
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