A meta-analysis of 52 studies found no association between testosterone levels and risk-taking. In general, only studies in which participants completed specific lottery-based economic tasks showed modest associations between testosterone levels and risk-taking, whereas other types of behavioral studies did not show such results. Furthermore, the lack of association did not depend on participant gender. The paper was published in Neuroscience and Biobehavioral Reviews.
Testosterone is a hormone that belongs to a group of hormones called androgens. It is present in both men and women, but is usually seen at much higher levels in men. In men, testosterone is primarily produced in the testicles. In women, smaller amounts are produced in the ovaries and adrenal glands.
Testosterone plays an important role in the development of male reproductive organs before birth and during adolescence. During puberty, the voice deepens, contributing to changes such as facial and body hair growth, increased muscle mass, and growth of the penis and testicles. In adults, testosterone helps regulate sex drive, sperm production, bone density, red blood cell production, and muscle strength. Testosterone levels naturally change depending on age, time of day, health, sleep, stress, body fat, and use of certain medications.
Study author Irene Sánchez Rodríguez and her colleagues note that, on average, men are more likely to take risks than women. Various hypotheses have been proposed to explain this gender difference. One prominent biological theory states that this gap is caused by differences in testosterone levels. Another theory, the “dual hormone hypothesis,” suggests that the behavioral effects of testosterone actually depend on concurrent levels of cortisol, the body’s main stress hormone.
However, the link between testosterone and risk-taking is not clearly supported by research. Some studies report that people with higher testosterone levels are more likely to take economic or physical risks, while others find no association at all.
The authors of this study conducted a meta-analysis aimed at synthesizing existing knowledge to uncover the association between testosterone levels and risk-taking. They searched scientific databases (Google Scholar, PubMed, Scopus) using “risk seeking,” “risk attitude,” and “risk aversion” as search terms. They looked for studies conducted in humans and tried to include studies examining testosterone alone as well as studies testing the dual hormone hypothesis.
To be included, studies were required to report a statistical association between testosterone and risk preference, measure or administer testosterone, and use at least one behavioral or self-report measure of risk preference. Studies also had to be written in English, Spanish, or Italian and provide enough data to allow researchers to calculate an “effect size” (the strength of the association between testosterone levels and risk-taking). Ultimately, 52 studies involving 17,340 participants were included in the analysis.
These studies measured risk in a variety of ways, including gambling games, balloon-popping tasks, and self-report questionnaires. They also measured testosterone in different ways. Some studies used direct blood or saliva tests, some administered experimental doses of the hormone, and some relied on “morphological proxies” (such as the index-to-ring finger ratio, which is theoretically related to in utero testosterone exposure).
When the researchers compiled the data, they found that across all 52 studies, the overall association between testosterone levels and risk-taking was virtually zero. In other words, whether a person has high or low testosterone does not reliably predict whether he or she will take a risk.
Although the overall effect was zero, the data reported by individual studies were highly heterogeneous. Some studies reported a positive association (increased testosterone – increased risk-taking), while others reported a negative association (increased testosterone – decreased risk-taking).
Further analysis revealed why the results were so different. Researchers found that the method of measurement had a significant impact on the results. For example, only studies that used lottery-based economic tasks to measure risk-taking showed a moderate positive association, whereas studies that measured risk-taking in other ways (such as compulsive gaming or self-report) had no correlation. Similarly, the researchers noted that while studies that relied on indirect finger measurements may suggest an association, very rigorous studies that used direct hormone measurements or administration did not.
Importantly, the lack of association between testosterone levels and risk-taking is independent of gender, meaning that this association (or lack thereof) is the same for men and women.
“Overall, this evidence challenges the notion that testosterone provides a general hormonal basis for human risk preference,” the study authors concluded. “Rather, the findings support a biopsychosocial framework in which ‘risk-taking’ reflects the interaction of task demands, cognitive-emotional processes, and situational context, and that endocrine influences are narrow, context-dependent, and method-specific.”
This study contributes to scientific knowledge about the behavioral effects of testosterone and suggests that social and psychological factors are likely to play a much larger role in risk-taking than any single hormone. However, the study authors note that this study did not yield a sufficient number of appropriate studies to reliably test the dual-hormone hypothesis (whether a specific interaction between cortisol and testosterone predicts risk-taking).
The paper, “Testosterone and risk aversion: A meta-analytic review,” was authored by Irene Sánchez Rodríguez, Luca Bailo, Folco Panizza, Emiliano Ricciardi, and Francesco Bossi.
