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Hormones and Economic Decisions

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Neuroeconomics

Abstract

Hormones are chemical messengers released into the body that change the probability of behavior. Because hormones are both measurable and manipulable they lend themselves to experimental methodology that can establish causal relationships. Neuroeconomics studies have shown hormones’ influence on decision-making using quantifiable treatment and outcome variables in economic and social contexts. This chapter provides background and methodology for hormonal research in neuroeconomics and reviews significant studies on how oxytocin, testosterone, arginine vasopressin, dopamine, serotonin, and stress hormones impact decisions, and how research can be used to improve decisions and the business of life.

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Notes

  1. 1.

    Hormones differ in their endogenous release patterns and active half-lives (Santen and Bardin 1973). Genetic factors mediate receptor availability and molecular metabolism, meaning that no two people are precisely the same in the way they respond to the same hormone; this aspect can be measured in some studies (Crabbe et al. 2007).

  2. 2.

    Androstenedione (A), also known as ‘Andro’, is a steroid hormone produced in the gonads and adrenal glands in men and women. Androstenedione an intermediate step in the biochemical pathway that produces T and estrone and estradiol. This hormone was at the center of controversy of baseball players and androgen use in the 1990s. Leder et al. find that sufficiently high doses (300 mg) oral A increase serum T and estradiol in some healthy men, supporting the rationale of the ban issued by the World Anti-Doping Agency (2000).

  3. 3.

    Due to the rise of easily obtainable drugs and associated advertising to remedy “low testosterone syndrome” or “andropause”, a large and growing proportion of men is currently using Androgel® (and similar generics), and many inject even higher doses (Baillargeon et al. 2013; Handelsman 2013). In fact, the proliferation of these drugs among financial professionals allows our experiment to mimic the “testosterone shock” in real-world asset markets such as the NYSE.

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Authors and Affiliations

  1. Ivey Business School, Western University, 1255 Western Road, London, ON, N6G 0N1, Canada

    Amos Nadler

  2. Claremont Graduate University, 150 E 10th St, Claremont, CA, 91711, USA

    Paul J. Zak

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  1. Amos Nadler
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  2. Paul J. Zak
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Correspondence to Paul J. Zak .

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Editors and Affiliations

  1. Differentielle and Biologische Psychologie, Rheinische Friedrich-Wilhelms- Universität Bonn, Bonn, Germany

    Martin Reuter

  2. Department of Molecular Psychology, Institute for Psychology and Education, Ulm University, Ulm, Germany and Key Laboratory for NeuroInformation, School of Life Science and Technology, Center for Information in Medicine, University of Electronic Science and Technology of China, Chengdu, China

    Christian Montag

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Nadler, A., Zak, P.J. (2016). Hormones and Economic Decisions. In: Reuter, M., Montag, C. (eds) Neuroeconomics. Studies in Neuroscience, Psychology and Behavioral Economics. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-35923-1_3

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