Chapter 36: Problem 3

Winning the lottery is likely to a. Produce an immediate and long-term increase in the level of well-being b. Produce an immediate, but not lingering, increase in the level of well- being c. Produce a decline in well-being over the long run d. Lead to an increase in greed over the long run

Short Answer

Expert verified

The most suitable answer is option B: Winning the lottery is likely to produce an immediate, but not lingering, increase in the level of well-being. This corresponds with research findings on sudden wealth syndrome.

Step by step solution

Analyse the Options

Here each option is predicting a different outcome of a single event. So, the challenge is to assess which outcome is most likely based on our understanding of human psychology and behavior after experiencing such life-changing events.

Option A Analysis

Option A suggests winning the lottery will increase the level of well-being both immediately and long-term. While it's likely the winner will experience immediate happiness, various studies suggest that long-term happiness doesn't significantly increase after winning the lottery.

Option B Analysis

Option B suggests that although winning lottery will produce an immediate increase in well-being, this feeling won't last in the long run. This is in line with some studies that suggest the initial euphoria of such windfalls tends to fade away over time, as people's expectations and lifestyles adjust to their new financial reality.

Option C Analysis

Option C states that winning the lottery will lead to a long-term decline in well-being. While this may seem counter-intuitive, sometimes major life changes can bring unexpected stress and complications. However, this is not a universal rule and it varies based on personal coping mechanisms and choices.

Option D Analysis

Option D suggests that winning the lottery will lead to an increase in greed over the long run. Greed might increase in some cases, but this is not a certain outcome for everyone. So this choice makes a broad generalization.

Choose the Most Likely Outcome

Based on the analysis of all the options, Option B seems most plausible because it aligns with majority of studies related to the psychology of lottery winners, which suggest the initial happiness tends to fade over time as the novelty of the situation wears off. So, Option B is likely to be the correct answer.

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Winning the lottery is likely to a. Produce an immediate and long-term increase in the level of well-being b. Produce an immediate, but not lingering, increase in the level of well- being c. Produce a decline in well-being over the long run d. Lead to an increase in greed over the long run

Short Answer

Step by step solution

Analyse the Options

Option A Analysis

Option B Analysis

Option C Analysis

Option D Analysis

Choose the Most Likely Outcome

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