Consumption Responses to Income Shocks through Lottery Winning: Evidence from Older Adults in Singapore
利用新加坡50-70岁老年人调查数据，研究发现彩票中奖带来的临时收入冲击会显著增加消费，中奖者12个月内花掉约一半奖金，且流动性约束越紧的家庭消费反应越强，表明财政刺激政策能有效短期提振消费。
Abstract We study the effects of lottery winning on consumption spending using household survey data of older individuals aged 50–70 years in Singapore. We find strong consumption responses to a transitory income shock from lottery wins, and lottery winners spend about half of their prizes within 12 months of winning. We show that consumption responses are stronger among households with more binding liquidity constraints. The strong consumption response suggests that fiscal stimulus policies or other public transfer programmes could effectively boost consumption spending in the short run.