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Sex hormones and choice under risk

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  • Schipper, Burkhard C.

Abstract

We study the correlation of choice under risk in Holt–Laury lotteries for gains and losses with gender, the use of hormonal contraceptives, menstrual cycle information, salivary testosterone, estradiol, progesterone, and cortisol as well as the digit ratio (2D:4D; length of the index finger to the ring finger of the right hand) in more than 200 subjects (45% females). In males, salivary testosterone is negatively correlated with risk aversion for gains only. In females, salivary cortisol is positively correlated with risk aversion for gains only. No other significant correlations between risk preferences and salivary hormones are observed. No significant correlations between risk preferences and the menstrual cycle are observed in naturally cycling females. No significant correlations between risk preferences and the digit ratio are observed in either gender and/or race.

Suggested Citation

  • Schipper, Burkhard C., 2023. "Sex hormones and choice under risk," Journal of Economic Psychology, Elsevier, vol. 96(C).
    • Handle: RePEc:eee:joepsy:v:96:y:2023:i:c:s0167487023000089
    DOI: 10.1016/j.joep.2023.102607
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    More about this item

    Keywords

    Testosterone; Estradiol; Cortisol; Progesterone; Menstrual cycle; Contraceptives; Digit ratio; 2D; 4D; Gender; Holt–Laury lottery task; Risk aversion; Risk seeking; Endocrinological economics;
    All these keywords.

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D87 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Neuroeconomics

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