Testosterone and financial risk preferences

Citation

Apicella CL, Drebner A, Campbell B, Gray PB, Hoffman M & Little A (2008) Testosterone and financial risk preferences. Evolution and Human Behavior, 29 (6), pp. 384-390. https://doi.org/10.1016/j.evolhumbehav.2008.07.001

Abstract
Many human behaviors, from mating to food acquisition and aggressiveness, entail some degree of risk. Testosterone, a steroid hormone, has been implicated in a wide range of such behaviors in men. However, little is known about the specific relationship between testosterone and risk preferences. In this article, we explore the relationship between prenatal and pubertal testosterone exposure, current testosterone, and financial risk preferences in men. Using a sample of 98 men, we find that risk-taking in an investment game with potential for real monetary payoffs correlates positively with salivary testosterone levels and facial masculinity, with the latter being a proxy of pubertal hormone exposure. 2D:4D, which has been proposed as a proxy for prenatal hormone exposure, did not correlate significantly with risk preferences. Although this is a study of association, the results may shed light on biological determinants of risk preferences. (C) 2008 Elsevier Inc. All rights reserved.

Keywords
association; BEHAVIOR; C; financial; Food; LEVEL; levels; Men; preference; Preferences; RANGE; REAL; relationship; rights; risk; SAMPLE

Journal
Evolution and Human Behavior: Volume 29, Issue 6