Testosterone has no effect on men's economic decisions, according to the largest study to date in this field. One thousand Canadian men who received testosterone made the same decisions as those who received a placebo – a result that challenges previous research.
In the study, published in the scientific journal PNAS, 1,000 Canadian men aged 18 to 45 participated. The men were randomly assigned to receive either an 11-milligram dose of testosterone or a placebo in a double-blind study. Once the hormone began to take effect, the men participated in various experiments to measure risk-taking, generosity, competitiveness, and fairness preferences.
A total of nine different outcomes were measured, and the results showed that both groups behaved on average in the same way, regardless of whether they received testosterone or placebo – across all outcomes.
— Our results provide strong evidence that short-term increases in testosterone have no meaningful impact on men's economic decisions, says Anna Dreber Almenberg, professor at the Department of Economics at the Stockholm School of Economics in Sweden, in a press release.
Largest study in the field
Previous studies have suggested that testosterone can influence the propensity to take risks or compete in economic situations, but this study shows that this is not necessarily the case. This study is also the largest of its kind in the field, with ten to twenty times more men participating than in previous studies.
However, the researchers emphasize that they only tested one dose and one time perspective in the men, which means that other possible effects could occur at different doses or time perspectives. Women were also not included in the trial.
— The study is important because it directly challenges the idea that short-term fluctuations in testosterone levels explain why some people take greater economic risks, reject unfair offers, or act more competitively in life, says Justin M. Carré, professor at the Faculty of Arts and Science at Nipissing University in Canada.




