A randomized trial of the effect of estrogen and testosterone on economic behavior.
Author(s): Zethraeus N, Kocoska-Maras L, Ellingsen T, von Schoultz B, Hirschberg AL, Johannesson M
Affiliation(s): Department of Economics, Stockholm School of Economics, Box 6501, SE-113 83 Stockholm, Sweden.
Publication date & source: 2009-04-21, Proc Natl Acad Sci U S A., 106(16):6535-8. Epub 2009 Apr 6.
Publication type: Randomized Controlled Trial; Research Support, Non-U.S. Gov't
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.
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