2014

Salivary Testosterone Change Following Monetary Wins and Losses Predicts Future Financial Risk-taking

Reprint No. 2014:3

Author(s): Coren Apicella, Anna Dreber and Johanna MöllerströmYear: 2014 Title: Psychoneuroendocrinology Volume (No.): 39 (January) Pages: 58–64

Salivary Testosterone Change Following Monetary Wins and Losses Predicts Future Financial Risk-taking Coren Apicella, Anna Dreber and Johanna Möllerström


While baseline testosterone has recently been implicated in risk-taking in men, less is known about the effects of changing levels of testosterone on financial risk. Here we attempt to influence testosterone in men by having them win or lose money in a chance-based competition against another male opponent. We employ two treatments where we vary the amount of money at stake so that we can directly compare winners to losers who earn the same amount, thereby abstracting from income effects. We find that men who experience a greater increase in bioactive testosterone take on more risk, an association that remains when controlling for whether the participant won the competition. In fact, whether subjects won the competition did not predict future risk. These results suggest that testosterone change, and thus individual differences in testosterone reactivity, rather than the act of winning or losing, influence financial risk-taking.


Reference:
Apicella, Coren, Anna Dreber and Johanna Möllerström (2014), "Salivary Testosterone Change Following Monetary Wins and Losses Predicts Future Financial Risk-taking". Psychoneuroendocrinology 39(January), 58–64.

Interdisciplinary European Studies

The European Union and the Return of the Nation State

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This book explores the complex and ever-changing relationship between the European Union and its member states. The recent surge in tension in this relationship has been prompted by the actions of some member state governments as they question fundamental EU values and principles and refuse to implement common decisions seemingly on the basis of narrowly defined national interests.

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