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Sex hormones and choice under risk

Author

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  • Burkhard Schipper

    (Department of Economics, University of California Davis)

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) in more than 200 subjects. 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. Females who use hormonal contraceptives are more likely to make ``consistent'' choices although this may be due to a selection effect. Risk aversion is positively correlated with being female for losses only.

Suggested Citation

  • Burkhard Schipper, 2014. "Sex hormones and choice under risk," Working Papers 129, University of California, Davis, Department of Economics.
    • Handle: RePEc:cda:wpaper:129
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    More about this item

    Keywords

    Hormones; Menstrual cycle; Contraception; Digit ratio; 2D:4D; Gender; Endocrinological economics; Holt-Laury; Risk aversion; Risk seeking; Reflection effect; Prospect theory;
    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
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • 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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