Psychosocial stress, hormones, and impulsivity/risk-taking in economic decision-making

JohnMichael Jurgensen, Nora Nickels McLean, Javier I. Borráz-León, Valentina D'Anna, Luigi Guiso, Aldo Rustichini and Dario Maestripieri

Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), 2024, vol. 112, issue C

Abstract: This study explored the relationships between acute psychosocial stress, hormones, probability and delay discounting, and time perspective in men and women. Study participants were 120 (60 male, 60 female) young adults. Half of them underwent the Trier Social Stress Test (TSST) and half served as controls. Saliva samples were collected from all participants and concentrations of testosterone and cortisol were measured. Risk taking and impulsivity were assessed with a probability discounting and a delay discounting task, respectively. Participants filled out several questionnaires, including the Zimbardo Time Perspective Inventory (ZTPI). The TSST was associated with an increase in salivary cortisol concentrations in males and females, and with an increase in testosterone in males, but not in females. Variation in probability discounting was predicted by changes in testosterone (the higher the testosterone the greater the risk-taking) and by the ZTPI, whereas variation in delay discounting scores was not predicted by hormones, the ZTPI, or other variables. Our study contributes to research on psychosocial stress, hormones, and decision-making by reporting, for the first time, an association between stress-induced changes in testosterone and economic risk-taking. Our study also suggests that risk-taking and impulsivity are different processes associated with different psychological and physiological mechanisms.

Keywords: Discounting; Risk-taking; Impulsivity; Stress; Hormones (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:soceco:v:112:y:2024:i:c:s2214804324000995

DOI: 10.1016/j.socec.2024.102262

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