Digit ratios (2D:4D) as predictors of risky decision making for both sexes

Garbarino, Ellen; Slonim, Robert; Sydnor, Justin R.

doi:10.1007/s11166-010-9109-6

Cited by 118 publications

(122 citation statements)

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“…These include life-cycle changes, traumatic personal or family experiences (Voors et al, 2012;Malmendier and Nagel, 2011;Callen et al, 2012), physical conditions (Garbarino et al, 2011;Wozniak et al, 2010), priming and framing (Benjamin et al, 2010), cognitive ability (Dohmen et al, 2010;Burks et al, 2009;Benjamin et al, 2012), the different way in which some may bracket choices (Read et al, 1999) and by ones' genetic makeup (Cesarini et al, 2009).…”

Section: Introductionmentioning

confidence: 99%

Sleepiness, choice consistency, and risk preferences

2016

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. www.econstor.eu Terms of use: Documents in D I S C U S S I O N P A P E R S E R I E S ABSTRACT Sleepiness, Choice Consistency, and Risk PreferencesWe investigate the consistency and stability of individual risk preferences by manipulating cognitive resources. Participants are randomly assigned to an experiment session at a preferred time of day relative to their diurnal preference (circadian matched) or at a nonpreferred time (circadian mismatched) and choose allocations between two risky assets (using the Choi et al., 2007, design). Consistency of behavior of circadian matched and mismatched subjects is statistically the same, however mismatched subjects tend to take more risks. We conclude that, consistent with several theories, preferences are rational yet can change depending on state-level cognitive resources. NON-TECHNICAL SUMMARYIt is generally known that sleepiness affects one's choices when facing risk. It is not known, however, whether behavioral changes due to sleepiness imply a change in the frequency of irrational or inconsistent choices, or whether the changes are due to a basic change in preference towards risk. We manipulate sleepiness by altering the time of day when we administer a monetary risk task to validated morning-type and evening-type individuals. We find that decisions at off-peak times in one's circadian cycle show an increased preference for risk, but the consistency of choices (i.e., rationality) does not differ. This result has important implications. Those who must make decisions while sleepy, such as shift workers, may be susceptible to this tendency to favor risk.JEL Classification: C91, D81

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Section: Introductionmentioning

confidence: 99%

Sleepiness, choice consistency, and risk preferences

2016

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“…Second, and consistent with the identified genes, the role of serotonin as a hormone that can lead to a reduction of loss aversion has been noted (Litt et al, 2006;Murphy et al, 2009). In general, risk behaviors in financial decisions are associated with the 2D:4D ratio, the ratio between the length of the second and fourth fingers; a ratio that depends on exposure to prenatal testosterone (Garbarino et al, 2011). Other studies have also indicated that risk behaviors in economic investments seem to have a nonlinear u-shaped relationship with endogenous testosterone levels (Stanton et al, 2011).…”

Section: How We Make Decisionsmentioning

confidence: 76%

Reasons and biological causes. Some reflections on Boudon’s Theory of Ordinary Rationality

Medina¹

2014

PapRevSoc

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In his effort to provide sociology with a theory of behavior for the microfoundation of social phenomena, Raymond Boudon searched for a theory that could be presented as general (i.e., a theory that, given its strength, can be used "by default" in explanations). In this search, Boudon disregarded biological causes and stated that his Theory of Ordinary Rationality was the best choice, since it offers final explanations: when a behavior is explained as a result of beliefs that are grounded on good reasons, we are offering a black-box-free explanation. In this paper, I shall state that there are serious problems in the arguments that Boudon used to dismiss the explanatory strategy based on "biological causes". Secondly, I shall point out that some recent findings of several behavioral sciences constitute a radical questioning of the value of his Theory of Ordinary Rationality, as well as a positive revaluation of Evolutionary Psychology. In light of these findings, we can state that on many occasions, either reasons are systematically biased by biological causes, or these causes cause behavior, thus reasons are mere rationalizations. Therefore, neither the reason-based explanatory strategy nor the biological causes-based explanatory strategy can be used "by default". Given the current state of our knowledge, Evolutionary Psychology cannot stand as a general theory of behavior but is better placed to do the job in the future: it will depend on its ability to build models that integrate reasons and biological causes. Keywords: rationality; rationalism; reasons; evolutionary psychology; adapted mechanisms; biological causes; Raymond Boudon. Resumen. Razones y causas biológicas. Algunas reflexiones sobre la teoría de la racionalidad ordinaria de Boudon.En su esfuerzo por proveer a la sociología de una teoría del comportamiento con la que microfundamentar los fenómenos sociales, Raymond Boudon buscó una teoría que pudiese presentarse como general (es decir, una teoría que, dada su fortaleza, pudiera usarse «por defecto» en las explicaciones). En esta búsqueda, Boudon desconsideró las causas biológicas y defendió que su teoría de la racionalidad ordinaria era la mejor elección, pues ofrecía explicaciones finales: cuando una conducta se explica como resultado de creencias que están bien fundamentadas en buenas razones, estamos ofreciendo una explicación libre de «cajas negras». En este artículo, sostendré que existen serios problemas en los argumentos que usó Boudon para descartar la estrategia explicativa basada en las causas biológicas. En segundo lugar, señalaré que algunos hallazgos recientes de varias ciencias del comportamiento suponen un cuestionamiento radical del valor de su teoría de la racionalidad ordinaria así como una reevaluación positiva de la psicología evolucionista. A la luz de estos hallazgos, podemos sostener que, en muchas ocasiones, o bien las razones están sistemáticamente sesgadas por causas biológicas, o bien esas causas causan directamente la conducta, por lo que entonces las razones s...

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“…Despite large fluctuations in hormone levels, women are as likely as men to adhere to the Generalized Axiom of Revealed Preferences -the standard test of economic rationality -at all phases of their menstrual cycle (Lazzaro et al 2016). Moreover, the evidence for a link between hormones and standard time and risk preferences is at best mixed, with some studies generating results consistent with such a link (Dreber and Hoffman 2007, Takahashi et al 2008, Brañas-Garza and Rustichini 2011, Garbarino, Slonim, and Sydnor 2011 and others not (Apicella et al 2008, Sapienza, Zingales, and Maestripieri 2009, Schipper 2012, Drichoutis and Nayga 2015. 6 Most of this evidence is correlational.…”

Section: Hormones and Fundamental Economic Preferencesmentioning

confidence: 99%

Biology and Gender in the Labor Market

Cobb‐Clark

2017

The Oxford Handbook of Women and the Economy

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent nonprofit organization supported by Deutsche Post Foundation. The center is associated with the University of Bonn and offers a stimulating research environment through its international network, workshops and conferences, data service, project support, research visits and doctoral program. IZA engages in (i) original and internationally competitive research in all fields of labor economics, (ii) development of policy concepts, and (iii) dissemination of research results and concepts to the interested public. Terms of use: Documents inIZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be available directly from the author. Can biology help us to better understand gender differences in labor market behavior and outcomes? This chapter reviews the emerging literature which sheds light on this question, considering research in four broad areas: i) behavioral endocrinology; ii) human genetics; iii) neuroeconomics; and iv) sensory functioning and time-space perceptions.JEL Classification: J31, A12, Z0

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Digit ratios (2D:4D) as predictors of risky decision making for both sexes

Abstract: Risk, Sex differences, Experiments, Testosterone, C9, D81,

Cited by 118 publications

References 56 publications

Sleepiness, choice consistency, and risk preferences

Sleepiness, choice consistency, and risk preferences

Reasons and biological causes. Some reflections on Boudon’s Theory of Ordinary Rationality

Biology and Gender in the Labor Market

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