Do sex hormones at birth predict later-life economic preferences? Evidence from a pregnancy birth cohort study

Relationship between the 2D:4D and prenatal testosterone, adult level testosterone, and testosterone change: Meta-analysis of 54 studies

The ratio between the hands' second to the fourth finger (2D:4D) is commonly hypothesized to result from prenatal testosterone. The 2D:4D has also been hypothesized to relate to adult-level testosterone and, more recently, to the testosterone response to a challenging situation. In the present work, we tested these core assumptions. Drawing from, in total, 54 studies and 8077 participants, we investigated whether the 2D:4D is related to adult level testosterone (44 studies), testosterone change (6 studies), and prenatal testosterone (10 studies). We found no evidence of the relationship between the above testosterone types and digit ratios. Furthermore, there was no relationship between testosterone and the right and left 2D:4D, male and female 2D:4D, and the 2D:4D and testosterone measurement (i.e., measured in blood or saliva). However, we found some evidence that prenatal testosterone measured in amniotic fluid (but not cord blood) might be related to the digit ratios-further studies are necessary to validate this observation. In summary, considering the current state of knowledge, any conclusions drawn from the assumption of the digit ratios as the proxy for testosterone (prenatal, adult level, or testosterone change under a challenging situation) warrant great caution.

Born to be wild: Second-to-fourth digit length ratio and risk preferences

The second-to-fourth digit length ratio of an individual's hand (digit ratio) is a putative biomarker for prenatal exposure to testosterone. We examine the hypothesized negative association between the digit ratio and the preference for risk taking within a large U.S. population survey. Our statistical framework provides a cardinal proxy for the true digit ratio based on ordinal digit ratio measurements and accounts for measurement error under the assumptions of Gaussianity and time-invariant true digit ratios. Our empirical findings support the hypothesis and suggest a meaningful biological basis for risk preferences.

Digit ratio (2D:4D) and maternal testosterone-to-estradiol ratio measured in early pregnancy

The ratio of index to ring finger (2D:4D) has been hypothesised to indicate prenatal androgen exposure, yet evidence for its validity is lacking. We report the first pre-registered study to investigate mothers' early pregnancy sex hormone concentrations in relation to their children's digit ratios measured at 18-22-month follow-up. Although the testosterone (T) to estradiol (E) ratio correlated negatively with right hand digit ratio (R2D:4D) and directional asymmetry (right-minus-left) in digit ratio (D_[R-L]), neither effect remained statistically significant once demographic and obstetric covariates were controlled for. Nevertheless, the multivariate level of analysis did reveal that T correlated positively with left hand digit ratio (L2D:4D) and negatively with D_[R-L]. However, the first of these effects is in the opposite direction to that predicted by theory. Taken together, the results of our study suggest research with larger samples is required to determine whether digit ratios are valid proxies for maternal sex hormone exposure.

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.

Masculinity and Lying

Dishonesty in communication has important economic implications. The standing literature has shown that lying is less pervasive than predicted by standard economic theory. We explore whether biology can help to explain this behavior. In a sample of men, we study whether masculine traits are related to (dis)honesty in a sender-receiver game. We study three masculine physical traits: the second-to-fourth digit ratio, facial morphometric masculinity and the facial width-to-height ratio. These biomarkers display significant associations with lying and deception in the game. We also explore the extent to which these effects operate through social preferences or through beliefs about the behavior of receivers.