Final answer:
Studies have shown that after one year of winning the lottery, winners tend to return to their baseline level of happiness despite an initial surge of joy, a phenomenon known as the 'hedonic treadmill'.
Step-by-step explanation:
The study of lottery winners, as detailed by Brickman, Coats, and Janoff-Bulman in 1978, indicated that after one year of receiving the money, winners did not report a significant increase in long-term happiness. In contrast, a notable observation from the study was that people tend to adapt to their new level of wealth, and their happiness levels often return to a baseline. This phenomenon, known as the 'hedonic treadmill,' suggests that while winners experience an initial surge of happiness, over time they return to their pre-winning state of well-being. Similarly, Lutter's book review 'Winning a lottery brings no happiness' and Diener & Biswas-Diener's literature review also support the idea that money does not equate to a sustained increase in happiness.