Winning, losing, mood, and testosterone
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Updated: Aug 3, 2026

Combining Behavioral Endocrinology and Experimental Economics: Testosterone and Social Decision Making
Published on: March 2, 2011
K D McCaul1, B A Gladue, M Joppa
1Department of Psychology, North Dakota State University, Fargo 58105.
Abstract:
In two experiments, male college students either won or lost $5 on a task controlled entirely by chance. In both studies, winners reported a more positive mood change than did losers and, in Experiment 2, winners reported a more positive mood change than a neutral group that did not win or lose money. After the task was completed, winners exhibited significantly higher testosterone levels than losers. Levels of cortisol, a hormone associated with stress and arousal, did not differ among the groups, suggesting that a hormone-behavior response pattern for winning and losing is specific to testosterone. These data suggest that winning can alter testosterone levels in men and that mood may mediate such changes.
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