The effect of testosterone on economic risk-taking: A multi-study, multi-method investigation.

Testosterone has been suggested to influence individuals' economic decision making, yet the effects of testosterone on economic behavior are not well-understood and existing research is equivocal. In response, in three studies, we examined the extent to which testosterone affected or was associated with several different facets of economic decision making. Study 1 was a double-blind, placebo-controlled, within-subjects study examining loss aversion and risk-taking (N = 26), whereas Study 2 was a larger double-blind, placebo-controlled, between-subjects study examining loss aversion and risk-taking behavior (N = 117). As a methodological compliment, Study 3 was a larger correlational design (N = 213) with a highly accurate measure of endogenous testosterone examining a wider range of economic behaviors and trait-like preferences. Broadly, the results of all three studies suggest no consistent relationship between testosterone and financial behavior or preferences. Although there were significant effects in specific cases, these findings did not replicate in other studies or would not remain significant when controlling for family-wise error rate. We consider potential contextual moderators that may determine under what circumstances testosterone affects economic decision making.

The role of testosterone and estrogen in consumer behavior and social & economic decision making: A review.

A contribution to a special issue on Hormones and Human Competition.This manuscript reviews the current literature on the actions of the steroid hormones testosterone and estradiol in shaping humans' behavior within two applied contexts, specifically consumer behavior and decision making (both social and economic). The theoretical argument put forth is that steroids shape these everyday behaviors and choices in service to being more competitive in achieving long-term goals related to resource acquisition, mating success, and social dominance. In addition, a discussion of the increased research focus on the role of steroids in other applied business domains will highlight the relevant applications of basic science discoveries in behavioral endocrinology.

Women recovering from social rejection: The effect of the person and the situation on a hormonal mechanism of affiliation.

Rejection can motivate either affiliation or withdrawal. In order to study how personality and situational variables influence whether women will be motivated to affiliate versus withdraw, we manipulate social feedback (rejection vs. acceptance) and opportunity for face-to-face interaction (blocked vs. face-to-face) and measure the individual difference variables rejection sensitivity and social anxiety. We test how these variables affect endogenous progesterone and cortisol concentrations, which are presumed to signal motivational responses to rejection. We find that three-way interactions involving social feedback, opportunity for face-to-face interactions, and either social anxiety or rejection sensitivity significantly predict progesterone change, but not cortisol change. Both interactions are driven by sharp progesterone decreases for women high in social anxiety/rejection sensitivity who have been rejected and who have no opportunity to reaffiliate in a face-to-face interaction. This progesterone change may be a physiological marker of motivation for social avoidance following rejection for women who cannot reaffiliate and who are particularly socially anxious or sensitive to rejection.

Psychological and neural mechanisms of trait mindfulness in reducing depression vulnerability.

Mindfulness-based interventions are effective for reducing depressive symptoms. However, the psychological and neural mechanisms are unclear. This study examined which facets of trait mindfulness offer protection against negative bias and rumination, which are key risk factors for depression. Nineteen male volunteers completed a 2-day functional magnetic resonance imaging study. One day utilized a stress-induction task and the other day utilized a mindful breathing task. An emotional inhibition task was used to measure neural and behavioral changes related to state negative bias, defined by poorer performance in inhibiting negative relative to neutral stimuli. Associations among trait mindfulness [measured by the Five Facet Mindfulness Questionnaire (FFMQ)], trait rumination, and negative bias were examined. Non-reactivity scores on the FFMQ correlated negatively with rumination and negative bias following the stress induction. Non-reactivity was inversely correlated with insula activation during inhibition to negative stimuli after the mindful breathing task. Our results suggest non-reactivity to inner experience is the key facet of mindfulness that protects individuals from psychological risk for depression. Based on these results, mindfulness could reduce vulnerability to depression in at least two ways: (i) by buffering against trait rumination and negative bias and (ii) by reducing automatic emotional responding via the insula.

Implicit motives predict affective responses to emotional expressions.

We explored the influence of implicit motives and activity inhibition (AI) on subjectively experienced affect in response to the presentation of six different facial expressions of emotion (FEEs; anger, disgust, fear, happiness, sadness, and surprise) and neutral faces from the NimStim set of facial expressions (Tottenham et al., 2009). Implicit motives and AI were assessed using a Picture Story Exercise (PSE) (Schultheiss et al., 2009b). Ratings of subjectively experienced affect (arousal and valence) were assessed using Self-Assessment Manikins (SAM) (Bradley and Lang, 1994) in a sample of 84 participants. We found that people with either a strong implicit power or achievement motive experienced stronger arousal, while people with a strong affiliation motive experienced less arousal and less pleasurable affect across emotions. Additionally, we obtained significant power motive × AI interactions for arousal ratings in response to FEEs and neutral faces. Participants with a strong power motive and weak AI experienced stronger arousal after the presentation of neutral faces but no additional increase in arousal after the presentation of FEEs. Participants with a strong power motive and strong AI (inhibited power motive) did not feel aroused by neutral faces. However, their arousal increased in response to all FEEs with the exception of happy faces, for which their subjective arousal decreased. These differentiated reaction patterns of individuals with an inhibited power motive suggest that they engage in a more socially adaptive manner of responding to different FEEs. Our findings extend established links between implicit motives and affective processes found at the procedural level to declarative reactions to FEEs. Implications are discussed with respect to dual-process models of motivation and research in motive congruence.

Testosterone and sport: current perspectives.

Testosterone and other anabolic-androgenic steroids enhance athletic performance in men and women. As a result, exogenous androgen is banned from most competitive sports. However, due to variability in endogenous secretion, and similarities with exogenous testosterone, it has been challenging to establish allowable limits for testosterone in competition. Endogenous androgen production is dynamically regulated by both exercise and winning in competition. Furthermore, testosterone may promote athletic performance, not only through its long-term anabolic actions, but also through rapid effects on behavior. In women, excess production of endogenous testosterone due to inborn disorders of sexual development (DSD) may convey a competitive advantage. For many years, female competitors have been subject to tests of sexual genotype and phenotype known as gender verification. Although gender verification has not identified any normal man competing as a woman, this process has identified women athletes with DSD. As understanding of DSD has expanded in recent years, women with DSD are increasingly able to continue athletic competition.

Seasonal variation of salivary testosterone in men, normally cycling women, and women using hormonal contraceptives.

Humans' endogenous testosterone concentrations vary over a number of temporal scales, with little known about variation longer than monthly cycles. Past studies of seasonal or circannual variation have principally used male participants and have produced inconsistent results. Thus, little is known about how testosterone concentrations fluctuate throughout the year, whether such variation differs between men and women, and whether there are influences of hormonal contraceptive use. The present study collected saliva samples from a large sample (N=718) of men and women, each collected at one time point within a relatively uniform distribution over a full calendar year. Both men and normally-cycling women displayed seasonal variation in salivary testosterone concentrations, such that testosterone concentrations are maximal in the fall and minimal in the summer. Notably, normally-cycling women had testosterone concentrations that were over 100% greater at their maximum in fall compared to their minimum in summer. Women using hormonal contraceptives not only had consistently lower endogenous testosterone concentrations, but also showed a flatter seasonal testosterone profile. The implications for studies of psychology and human behavioral endocrinology are discussed.

Low- and high-testosterone individuals exhibit decreased aversion to economic risk.

Testosterone is positively associated with risk-taking behavior in social domains (e.g., crime, physical aggression). However, the scant research linking testosterone to economic risk preferences presents inconsistent findings. We examined the relationship between endogenous testosterone and individuals' economic preferences (i.e., risk preference, ambiguity preference, and loss aversion) in a large sample (N = 298) of men and women. We found that endogenous testosterone levels have a significant U-shaped association with individuals' risk and ambiguity preferences, but not loss aversion. Specifically, individuals with low or high levels of testosterone (more than 1.5 SD from the mean for their gender) were risk and ambiguity neutral, whereas individuals with intermediate levels of testosterone were risk and ambiguity averse. This relationship was highly similar in men and women. In contrast to received wisdom regarding testosterone and risk, the present data provide the first robust evidence for a nonlinear association between economic preferences and levels of endogenous testosterone.

Testosterone is positively associated with risk taking in the Iowa Gambling Task.

The association between testosterone and economic risk is not well-understood and is understudied. The present study aimed to further characterize what if any relationship testosterone has with risky economic decisions. To do so, 154 participants (78 men) completed the Iowa Gambling Task (IGT) (Bechara et al., 1994) and also provided saliva samples, which were assayed for endogenous testosterone levels using radioimmunoassay. High-levels of endogenous testosterone were associated with choosing less frequently from advantageous IGT decks of cards, indicating greater risk taking. The data showed that the effects of testosterone on IGT performance were similar for men and women. High-testosterone women and high-testosterone men made riskier choices than their low-testosterone counterparts of the same sex, and this effect was pronounced in women. Thus, high levels of testosterone are associated with willingness to incur greater risk in both sexes.

Endogenous estradiol levels are associated with attachment avoidance and implicit intimacy motivation.

Estradiol has been linked with attachment and caregiving processes in humans and other mammals; however, relations between estradiol and personality constructs relevant to intimate relationships have not yet been explored. In the present sample of 100 adult participants (52 men, 48 women), we examined endogenous estradiol levels in relation to two personality constructs that predict comfort with and desire for close, intimate relationships-attachment style and implicit intimacy motivation. In both men and women, estradiol levels were predicted by an interaction between a dimension of attachment style-attachment avoidance-and implicit intimacy motivation. Specifically, the highest estradiol levels were observed among participants whose explicit traits support the expression of their implicit motives, that is, those characterized by both low avoidance and high intimacy motivation. Our findings provide novel evidence that endogenous estradiol levels are associated with relationship-relevant personality constructs in theoretically meaningful ways. These findings also highlight the importance of considering interactions between implicit and explicit personality constructs in the study of the biological bases of personality.

Stressful politics: voters' cortisol responses to the outcome of the 2008 United States Presidential election.

Social subordination can be biologically stressful; when mammals lose dominance contests they have acute increases in the stress hormone cortisol. However, human studies of the effect of dominance contest outcomes on cortisol changes have had inconsistent results. Moreover, human studies have been limited to face-to-face competitions and have heretofore never examined cortisol responses to shifts in political dominance hierarchies. The present study investigated voters' cortisol responses to the outcome of the 2008 United States Presidential election. 183 participants at two research sites (Michigan and North Carolina) provided saliva samples at several time points before and after the announcement of the winner on Election Night. Radioimmunoassay was used to measure levels of cortisol in the saliva samples. In North Carolina, John McCain voters (losers) had increases in post-outcome cortisol levels, whereas Barack Obama voters (winners) had stable post-outcome cortisol levels. The present research provides novel evidence that societal shifts in political dominance can impact biological stress responses in voters whose political party becomes socio-politically subordinate.

Salivary testosterone, cortisol, and progesterone: two-week stability, interhormone correlations, and effects of time of day, menstrual cycle, and oral contraceptive use on steroid hormone levels.

With salivary assessment of steroid hormones increasing, more work is needed to address fundamental properties of steroid hormone levels in humans. Using a test-retest design and radioimmunoassay assessment of salivary steroids, we tested the reliability of testosterone, cortisol, and progesterone levels across two weeks, as well as the effects of oral contraceptives, menstrual cycle phase, and time of day on steroid hormone levels. Testosterone and cortisol were found to be highly reliable in both sexes. Progesterone was found to be reliable after collapsing across sex. Oral contraceptive use was associated with lower levels of testosterone, but did not affect cortisol. Contrary to expectations, oral contraceptives also did not affect progesterone. Menstrual cycle was found to affect levels of progesterone, but not testosterone or cortisol. Time of day had an effect on cortisol, on progesterone only at one testing time, and no effect on testosterone. We explored the interhormone correlations among testosterone, progesterone, and cortisol. All three hormones were positively correlated with one another in men. In women, progesterone was positively correlated with testosterone and cortisol, but testosterone and cortisol were uncorrelated.

Dominance, politics, and physiology: voters' testosterone changes on the night of the 2008 United States presidential election.

BACKGROUND: Political elections are dominance competitions. When men win a dominance competition, their testosterone levels rise or remain stable to resist a circadian decline; and when they lose, their testosterone levels fall. However, it is unknown whether this pattern of testosterone change extends beyond interpersonal competitions to the vicarious experience of winning or losing in the context of political elections. Women's testosterone responses to dominance competition outcomes are understudied, and to date, a clear pattern of testosterone changes in response to winning and losing dominance competitions has not emerged. METHODOLOGY/PRINCIPAL FINDINGS: The present study investigated voters' testosterone responses to the outcome of the 2008 United States Presidential election. 183 participants provided multiple saliva samples before and after the winner was announced on Election Night. The results show that male Barack Obama voters (winners) had stable post-outcome testosterone levels, whereas testosterone levels dropped in male John McCain and Robert Barr voters (losers). There were no significant effects in female voters. CONCLUSIONS/SIGNIFICANCE: The findings indicate that male voters exhibit biological responses to the realignment of a country's dominance hierarchy as if they participated in an interpersonal dominance contest.

Endogenous testosterone levels are associated with amygdala and ventromedial prefrontal cortex responses to anger faces in men but not women.

Testosterone moderates behavioral and physiological responses to the emotion anger. However, little is known about the effects of testosterone in the human brain in the context of the perception of anger. We used fMRI to measure BOLD responses to anger faces in the amygdala and ventromedial prefrontal cortex (vmPFC) as a function of endogenous testosterone levels in 24 participants (10 men). In one task, participants passively viewed anger faces and neutral faces and in another task, participants engaged in an oddball task while viewing anger and neutral faces. Men's, but not women's, amygdala BOLD response to anger faces was negatively correlated with their endogenous testosterone levels in both tasks. Men's, but not women's, vmPFC BOLD response to anger faces was positively correlated with their endogenous testosterone levels in the passive-viewing task. In men, amygdala and vmPFC BOLD responses to anger faces were negatively associated. Our results extend past research by documenting associations between endogenous testosterone levels and BOLD responses to anger faces in the amygdala and vmPFC in men, and our results also support research that documents negative associations between amygdala and vmPFC activity.

The hormonal correlates of implicit power motivation.

Attempts to link testosterone to dominance dispositions using self-report measures of dominance have yielded inconsistent findings. Similarly, attempts to link testosterone changes to a situational outcome like winning or losing a dominance contest have yielded inconsistent findings. However, research has consistently shown that an indirect measure of an individual's dominance disposition, implicit power motivation, is positively related to baseline testosterone levels and, in interaction with situational outcomes, predicts testosterone changes. We propose a hormonal model of implicit power motivation that describes how testosterone levels change as an interactive function of individuals' implicit power motivation and dominance situations. We also propose that estradiol, and not testosterone, plays a key role in dominance motivation in women.

Exploring the motivational brain: effects of implicit power motivation on brain activation in response to facial expressions of emotion.

This study tested the hypothesis that implicit power motivation (nPower), in interaction with power incentives, influences activation of brain systems mediating motivation. Twelve individuals low (lowest quartile) and 12 individuals high (highest quartile) in nPower, as assessed per content coding of picture stories, were selected from a larger initial participant pool and participated in a functional magnetic resonance imaging study during which they viewed high-dominance (angry faces), low-dominance (surprised faces) and control stimuli (neutral faces, gray squares) under oddball-task conditions. Consistent with hypotheses, high-power participants showed stronger activation in response to emotional faces in brain structures involved in emotion and motivation (insula, dorsal striatum, orbitofrontal cortex) than low-power participants.

Basal and dynamic relationships between implicit power motivation and estradiol in women.

This study investigated basal and reciprocal relationships between implicit power motivation (n Power), a preference for having impact and dominance over others, and both salivary estradiol and testosterone in women. 49 participants completed the Picture Story Exercise, a measure of n Power. During a laboratory contest, participants competed in pairs on a cognitive task and contest outcome (win vs. loss) was experimentally varied. Estradiol and testosterone levels were determined in saliva samples collected at baseline and several times post-contest, including 1 day post-contest. n Power was positively associated with basal estradiol concentrations. The positive correlation between n Power and basal estradiol was stronger in single women, women not taking oral contraceptives, or in women with low-CV estradiol samples than in the overall sample of women. Women's estradiol responses to a dominance contest were influenced by the interaction of n Power and contest outcome: estradiol increased in power-motivated winners but decreased in power-motivated losers. For power-motivated winners, elevated levels of estradiol were still present the day after the contest. Lastly, n Power and estradiol did not correlate with self-reported dominance and correlated negatively with self-reported aggression. Self-reported dominance and aggression did not predict estradiol changes as a function of contest outcome. Overall, n Power did not predict basal testosterone levels or testosterone changes as a function of dominance contest outcome.

Effects of affiliation and power motivation arousal on salivary progesterone and testosterone.

Following up on earlier research suggesting a link between implicit affiliation motivation and progesterone (P) and implicit power motivation and testosterone [T; Schultheiss, O.C., Dargel, A., Rohde, W., 2003. Implicit motives and gonadal steroid hormones: Effects of menstrual cycle phase, oral contraceptive use, and relationship status. Horm. Behav. 43, 293-301.], we tested whether arousal of affiliation motivation increases P levels and whether arousal of power motivation increases T levels. Sixty subjects were randomly assigned to watch 30 min of either Bridges of Madison County (affiliation arousal) or The Godfather II (power arousal), or a documentary about the Amazon (control condition). Levels of P and T were assessed in saliva samples taken before (T1), immediately after (T2), and 45 min after the movie (T3). The efficacy of experimental conditions to differentially arouse motives was verified by assessment of changes in affiliation and power motive imagery expressed in imaginative stories written before and after the movie. After the movie, salivary P levels (T2 and T3) in the affiliation-arousal group were significantly higher than in the control group and marginally higher than in the power-arousal group. Subjects' postmovie T responses (T3) depended on premovie T levels: in men, higher premovie T levels predicted a greater likelihood of postmovie T increases in the Power Arousal condition but not in the other conditions, whereas in women, higher premovie T levels tended to be associated with postmovie T decreases in the Power Arousal condition but not in the other conditions. These findings suggest that aroused affiliation motivation has a specific stimulatory effect on P, whereas aroused power motivation has a specific stimulatory effect on T in men, but not in women, with high baseline T levels.