Table 1.

Regression of risk aversion on testosterone

Whole sample
Low testosterone levels
Both genders
Men
Women
Both genders
Men
Women
IIIIIIIVVVIVIIVIII
Testosterone (pg/mL)−0.082***−0.042−0.020−0.137**−0.211***−0.144*−0.079−0.171*
(0.022)(0.026)(0.029)(0.057)(0.058)(0.079)(0.126)(0.099)
Gender: Female = 15.230**3.807
(2.202)(3.119)
Observations46046032014022522599126
R-squared0.0320.0440.0020.0300.0510.0580.0030.022
  • This table shows Ordinary Least Squares regressions of the premium a subject was willing to pay to avoid a 50/50 lottery $0/$200 on the level of salivary testosterone. There is a negative correlation between risk aversion and salivary testosterone, but the effect is driven by women. When the sample is restricted to subjects with <83.3 pg/mL of testosterone, there is a negative and strongly significant correlation between risk aversion and salivary testosterone across men and women. In column VI, the indicator variable for gender is not statistically significant suggesting that, for comparable low levels of testosterone, once we account for testosterone, there is no difference in risk aversion between men and women. Heteroschedasticity robust standard errors are reported in brackets.

  • * Means significantly different from zero at the 10% level (two-tail t test),

  • ** at the 5% level, and

  • *** at the 1% level.