Evolution & Human Behavior
Volume 29, Issue 6 , Pages 384-390, November 2008

Testosterone and financial risk preferences

  • Coren L. Apicella

      Affiliations

    • Department of Anthropology, Harvard University, Cambridge, MA 02138, USA
    • These authors contributed equally.
    • ,
  • Anna Dreber

      Affiliations

    • Program for Evolutionary Dynamics, Harvard University, Cambridge, MA 02138, USA
    • Department of Economics, Stockholm School of Economics, Stockholm 113 83, Sweden
    • Corresponding Author InformationCorresponding author. Program for Evolutionary Dynamics, Harvard University, Cambridge, MA 02138, USA.
    • These authors contributed equally.
    • ,
  • Benjamin Campbell

      Affiliations

    • Department of Anthropology, University of Wisconsin-Milwaukee, Milwaukee, WI 53211, USA
    • ,
  • Peter B. Gray

      Affiliations

    • Department of Anthropology, University of Nevada-Las Vegas, Las Vegas, NV 89154, USA
    • ,
  • Moshe Hoffman

      Affiliations

    • Graduate School of Business, University of Chicago, Chicago, IL 60637, USA
    • ,
  • Anthony C. Little

      Affiliations

    • Department of Psychology, University of Stirling, Stirling FK9 4LA, Scotland

Received 15 April 2008; accepted 1 July 2008. published online 11 September 2008.

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.

Keywords: Testosterone, Risk, Risk-taking, Facial masculinity, 2D:4D

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PII: S1090-5138(08)00067-6

doi:10.1016/j.evolhumbehav.2008.07.001

Evolution & Human Behavior
Volume 29, Issue 6 , Pages 384-390, November 2008

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