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Updated: Feb 13, 2026

Combining Behavioral Endocrinology and Experimental Economics: Testosterone and Social Decision Making
Published on: March 2, 2011
No Evidence for a Relationship Between Hair Testosterone Concentrations and 2D:4D Ratio or Risk Taking
Richard Ronay1, Leander van der Meij2, Janneke K Oostrom3
1Department of Leadership and Management, Faculty of Economics and Business, University of Amsterdam, Amsterdam, Netherlands.
This study found no direct link between testosterone, 2D:4D ratio, and risk-taking behavior. However, in men, higher testosterone correlated with increased risk-taking only when cortisol levels were low.
Area of Science:
- Endocrinology
- Behavioral Neuroscience
- Psychology
Background:
- Hormonal influences on behavior, particularly testosterone and cortisol, are areas of active research.
- The 2D:4D digit ratio is a proposed marker of prenatal androgen exposure and has been linked to various behaviors.
- Understanding the interplay of hormones and psychological traits like risk-taking and overconfidence is crucial.
Purpose of the Study:
- To investigate the relationships between hair hormone levels (testosterone and cortisol), 2D:4D ratio, overconfidence, and risk-taking behavior.
- To examine the potential interacting effects of testosterone and cortisol on risk-taking, as suggested by the Dual Hormone Hypothesis.
- To explore the divergence between organizing and activating effects of hormones on behavior.
Main Methods:
- Utilized a novel assay to measure hormone levels from hair samples in 162 participants.
- Collected hand images to calculate 2D:4D ratios.
- Administered questionnaires to assess overconfidence and behavioral risk-taking.
Main Results:
- No significant relationships were found between hair testosterone concentrations, 2D:4D ratios, and risk-taking or overconfidence.
- A significant interaction effect was observed: men with low hair cortisol concentrations showed a positive association between hair testosterone and risk-taking.
- Hair testosterone and 2D:4D ratio appear to be unrelated in their behavioral correlates.
Conclusions:
- The findings partially support the Dual Hormone Hypothesis, indicating an interaction between testosterone and cortisol in modulating risk-taking in men.
- Endogenous testosterone and 2D:4D ratio may have distinct organizing and activating effects on behavior.
- Behavioral effects of testosterone might be more sensitive to fluctuating hormone levels than to baseline concentrations.
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Ending Relationships

