A randomized trial of the effect of estrogen and testosterone on economic behavior.
Existing correlative evidence suggests that sex hormones may affect economic behavior such as risk taking and reciprocal fairness. To test this hypothesis we conducted a double-blind randomized study. Two-hundred healthy postmenopausal women aged 50-65 years were randomly allocated to 4 weeks of treatment with estrogen, testosterone, or placebo. At the end of the treatment period, the subjects participated in a series of economic experiments that measure altruism, reciprocal fairness, trust, trustworthiness, and risk attitudes. There was no significant effect of estrogen or testosterone on any of the studied behaviors.
Zethraeus
Niklas
N
Department of Economics, Stockholm School of Economics, Box 6501, SE-113 83 Stockholm, Sweden.
Kocoska-Maras
Ljiljana
L
Ellingsen
Tore
T
von Schoultz
Bo
B
Hirschberg
Angelica Lindén
AL
Johannesson
Magnus
M
D000368:Aged; D000533:Altruism; D001519:Behavior / Q000187:drug effects*; D004311:Double-Blind Method; D004467:Economics; D004967:Estrogens / Q000008:administration & dosage / Q000097:blood / Q000494:pharmacology*; D005260:Female; D006801:Humans; D008875:Middle Aged; D010919:Placebos; D012309:Risk-Taking; D013739:Testosterone / Q000008:administration & dosage / Q000097:blood / Q000494:pharmacology*
D004967:Estrogens; D010919:Placebos; D013739:Testosterone