Research press release


Scientific Reports

Behaviour: Hormones may influence financial risk taking


今回、Aldo Rustichiniたちは、男女合計142人を被験者として、自然に生じるコルチゾールとテストステロンの濃度を測定し、資産市場のシミュレーション実験における被験者の売買行動と価格の不安定化の差異を評価した。その結果、男性の場合に、コルチゾール濃度の高さが売買活動の増加、価格設定の誤り、全般的な価格の不安定化と関連していた。次に、若い男性にコルチゾール(34人)、テストステロン(41人)のいずれかを投与してから売買のシミュレーション実験に参加させたところ、これらのホルモンの濃度の上昇とリスクの高い資産に対する投資額の増加に相関性のあることが判明した。


Short-term alterations in male cortisol and testosterone levels may influence financial decision making according to a study published in Scientific Reports this week. The findings suggest that levels of these hormones in market traders predict risk-taking and price instability in experiments that resemble financial markets. However, the researchers note that it is difficult to extrapolate experimental results to real-world financial markets.

Aldo Rustichini and colleagues measured naturally occurring levels of cortisol and testosterone in 142 men and women and assessed differences in trading behaviour and price stability in an experimental asset market. They found that in men, elevated levels of cortisol were associated with higher trading activity, mispricing and overall price instability. In a second experiment, in which cortisol or testosterone were administered to young men (34 men and 41 men, respectively) before participating in the trading simulation, elevated levels of these hormones were associated with increased investments in riskier assets.

The authors suggest that cortisol may affect an individual’s willingness to take risks whereas testosterone may have altered optimism about future price changes, which could make the participants more likely to expect stock prices to increase. However, they add that further research is required to confirm these hypotheses.

doi: 10.1038/srep11206


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