Notes: The F-test performs a joint significant test of the lottery income shock variables (win_region and lottery × win_region) on the probability of being employed and the number of hours worked per day. The null hypothesis of the F-test is that: the lottery income shock has no effect on the employment status and daily hours worked

Source: Instituto Nacional de Estadística (INE). The coefficients presented in this table, win_region, Lottery and lottery × win_region, are as described in table. In this case, we are interested in how the lottery income shock affects household allocation of time in labor supply and to the probability of being employed. Specifications presented in Columns (1) and (3) are the reduced-form estimations, which only include the variables presented in this table, whereas specifications in Columns (2) and (4) control as well for the age of the head of the household and its square, the marital status of the head of the household and his/her educational level. Moreover, in these two specifications, we also include the logarithm of lottery expenditures per region and the regional log-GDP as demographic controls and regional and year fixed-effects. Thus, given the completeness of the estimations, we are interested in the results of these two specifications, instead of the reduced-form ones. We compute robust standard errors. t-statistics in parentheses: *p < 0.05; **p < 0.01 and ***p < 0.001. Full set of estimates available upon request