The effect of testosterone on economic risk-taking: a multi-study, multi-method investigation

https://doi.org/10.1016/j.yhbeh.2021.105014

Commentary

Since testosterone has been shown to influence economic decision making, the myth has been believed in Japan. However, the effects of testosterone on economic behavior are not well understood, and the studies that have been published are considered ambiguous.

Three studies investigated the extent to which testosterone affects, or is associated with, several different aspects of economic decision-making.

Study 1 was a double-blind, placebo-controlled, within-subjects study examining loss aversion.

Study 2 was a larger, double-blind, placebo-controlled, between-subjects study examining loss aversion and risk-taking behavior (N = 117).

Study 3 was a larger correlational design (N = 213) with very accurate measures of endogenous testosterone examining a wider range of economic behaviors and trait-like preferences.

The results of all three studies indicated no consistent relationship between testosterone and economic behavior or preferences. Although there were significant effects under certain conditions, these findings were either not replicated or did not reach significance when controlling for family-wise error rates.

It was stated to consider potential context moderators that may determine the circumstances under which testosterone influences economic decision making.

It seems that those who want to believe should be able to.