Cortisol and testosterone increase financial risk taking and may destabilize markets.
Cortisol and testosterone increase financial risk taking and may destabilize markets.
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DOI：
10.1038/srep11206
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发表时间：
2015-07-02
影响因子：
4.6
通讯作者：
Rustichini A
中科院分区：
文献类型：
--
作者：
Cueva C;Roberts RE;Spencer T;Rani N;Tempest M;Tobler PN;Herbert J;Rustichini A
众所周知，金融市场可能会变得危险地不稳定，但原因尚不清楚。最近的研究强调，内源性激素，特别是睾酮和皮质醇，可能会对交易员的金融决策产生至关重要的影响。在这里，我们展示了皮质醇，一种调节对身体或心理压力反应的激素，预测金融市场的不稳定。具体地说，我们记录了参与实验性资产市场(N = 142)的人的唾液皮质醇和睾酮水平，发现内源性皮质醇的个人和总体水平预测随后的风险承担和价格不稳定。然后，我们给年轻男性服用皮质醇(单剂量100 mg氢化可的松，N = 34)或睾酮(三剂10 g 1%睾酮凝胶，48 小时，N = 41)，然后进行资产交易游戏。我们发现，皮质醇和睾酮都将投资转向了风险更高的资产。皮质醇似乎直接影响风险偏好，而睾丸素则通过激发人们对未来价格变化的乐观情绪来发挥作用。我们的结果表明，皮质醇和睾酮的变化可能会通过增加冒险行为，通过不同的行为途径在金融市场发挥不稳定的作用。
It is widely known that financial markets can become dangerously unstable, yet it is unclear why. Recent research has highlighted the possibility that endogenous hormones, in particular testosterone and cortisol, may critically influence traders’ financial decision making. Here we show that cortisol, a hormone that modulates the response to physical or psychological stress, predicts instability in financial markets. Specifically, we recorded salivary levels of cortisol and testosterone in people participating in an experimental asset market (N = 142) and found that individual and aggregate levels of endogenous cortisol predict subsequent risk-taking and price instability. We then administered either cortisol (single oral dose of 100 mg hydrocortisone, N = 34) or testosterone (three doses of 10 g transdermal 1% testosterone gel over 48 hours, N = 41) to young males before they played an asset trading game. We found that both cortisol and testosterone shifted investment towards riskier assets. Cortisol appears to affect risk preferences directly, whereas testosterone operates by inducing increased optimism about future price changes. Our results suggest that changes in both cortisol and testosterone could play a destabilizing role in financial markets through increased risk taking behaviour, acting via different behavioural pathways.
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影响因子：
2.5
作者：
CHASE, ID;BARTOLOMEO, C;DUGATKIN, LA
通讯作者：
DUGATKIN, LA
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作者：
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通讯作者：
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