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dc.contributor.authorGulbrandsen, Magnus A. H.
dc.description.abstractI estimate the effect of lottery winnings on peers' debt accumulation using administrative data from Norway. I identify neighbors of lottery winners, and estimate an average debt response of 2.1 percent of the lottery prize among households that live up to ten houses from the winner. Analyzing heterogeneity, I find that neighborhood characteristics and shared characteristics with the winner matter for the debt response: there is a tendency for greater effects for those (1) residing closest to the winner, (2) residing in single-household dwellings, (3) with a longer tenure, and (4) with a household structure similar to that of the winner. Finally, estimates of the (imputed) expenditure response among neighbors indicate that they accumulate debt to finance increased spending, consistent with a "keeping-up-with-the Joneses" type explanation, where neighbors react to each others expenditure.en_US
dc.publisherNorges Banken_US
dc.relation.ispartofseriesWorking Paper;10/2021
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internasjonal*
dc.subjectJEL: D14en_US
dc.subjectJEL: D31en_US
dc.subjectJEL: D91en_US
dc.subjectJEL: E21en_US
dc.subjectJEL: G51en_US
dc.subjectpeer effectsen_US
dc.subjectdebt accumulationen_US
dc.subjectincome shocksen_US
dc.subjectnetwork homophilyen_US
dc.subjecthousehold financeen_US
dc.titlePeer effects and debt accumulation: Evidence from lottery winningsen_US
dc.typeWorking paperen_US
dc.subject.nsiVDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212en_US

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Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal
Except where otherwise noted, this item's license is described as Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal