Sex Hormones and Competitive Bidding

Schipper, Burkhard C.

doi:10.2139/ssrn.2046309

Cited by 25 publications

(29 citation statements)

References 112 publications

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“…They also find that women on hormonal contraceptives bid significantly higher and earn substantially lower profits than men. Finally, using a subsample of the current paper Schipper (2011a) shows that bidding is positively correlated with salivary progesterone and profits are negatively correlated with salivary progesterone. No significant correlations with salivary testosterone, estradiol, or cortisol are found.…”

Section: Introductionmentioning

confidence: 77%

“…Latter sample differs from the first as we also collected salivary testosterone, estradiol, progesterone, and cortisol before and after the experiment, a behavioral risk measure using a Holt-Laury task for gains and losses, and further demographic information. The analysis of those additional measures of 2010 sample is presented in two companion papers, Schipper (2011a, b). Subjects were recruited from the student population of UC Davis using Orsee (Greiner, 2004).…”

Section: Experimental Designmentioning

confidence: 99%

“…This amount excludes the $5.00 dollar show up fee for every subject and any other earnings from the lottery task in the 2010 sample (see Schipper, 2011a, b). Because of these additional earnings, no subject left with negative pay.…”

Section: Experimental Designmentioning

confidence: 99%

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The visible hand: finger ratio (2D:4D) and competitive bidding

Pearson

Schipper

2011

Exp Econ

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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. In an experiment using two-bidder first-price sealed bid auctions with symmetric independent private values and 400 subjects, we scan also the right hand of each subject. We study how the ratio of the length of the index and ring fingers (2D:4D) of the right hand, a measure of prenatal hormone exposure, is correlated with bidding behavior and total profits. 2D:4D has been reported to predict competitiveness in sports competition (Manning andTaylor, 2001, and Hoenekopp, Manning, and Mueller, 2006), risk aversion in lottery tasks Hoffman, 2007, Garbarino et al., 2010), and the average profitability of high-frequency traders in financial markets (Coates, Gurnell, and Rustichini, 2009). We do not find any significant correlation between 2D:4D on either bidding or profits. However, there might be racial differences in the correlation between 2D:4D and bidding and profits. Terms of use: Documents in AbstractIn an experiment using two-bidder first-price sealed bid auctions with symmetric independent private values and 400 subjects, we scan also the right hand of each subject. We study how the ratio of the length of the index and ring fingers (2D:4D) of the right hand, a measure of prenatal hormone exposure, is correlated with bidding behavior and total profits. 2D:4D has been reported to predict competitiveness in sports competition (Manning andTaylor, 2001, andHönekopp, Manning, andMüller, 2006), risk aversion in lottery tasks Hoffman, 2007, Garbarino et al., 2010), and the average profitability of high-frequency traders in financial markets (Coates, Gurnell, and Rustichini, 2009). We do not find any significant correlation between 2D:4D on either bidding or profits. However, there might be racial differences in the correlation between 2D:4D and bidding and profits.

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Section: Introductionmentioning

confidence: 77%

Section: Experimental Designmentioning

confidence: 99%

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The visible hand: finger ratio (2D:4D) and competitive bidding

Pearson

Schipper

2011

Exp Econ

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“…Similarly, whereas Mehta and Josephs (2006) and Carré and McCormick (2008) found that endogenously elevated T in men correlated with increased competitiveness, Apicella et al (2011) found no correlation between competitiveness and men's basal T and Mehta and Josephs (2010) found this correlation only to be present in men with low cortisol. Finally, Schipper (2015) found no relationship between men's or women's basal T and competitive bidding, a measure sensitive both to risk preferences and willingness to compete.…”

Section: Introductionmentioning

confidence: 78%

Testosterone administration does not affect men's rejections of low ultimatum game offers or aggressive mood

Cueva

Roberts

Spencer

et al. 2017

Hormones and Behavior

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Correlative evidence suggests that testosterone promotes dominance and aggression. However, causal evidence is scarce and offers mixed results. To investigate this relationship, we administered testosterone for 48h to 41 healthy young adult men in a within-subjects, double-blind placebo-controlled balanced crossover design. Subjects played the role of responders in an ultimatum game, where rejecting a low offer is costly, but serves to destroy the proposer's profit. Such action can hence be interpreted as non-physical aggression in response to social provocation. In addition, subjects completed a self-assessed mood questionnaire. As expected, self-reported aggressiveness was a key predictor of ultimatum game rejections. However, while testosterone affected subjective ratings of feeling energetic and interested, our evidence strongly suggests that testosterone had no effect on ultimatum game rejections or on aggressive mood. Our findings illustrate the importance of using causal interventions to assess correlative evidence.

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“…Using the HMBM to analyze the new experiment, we offer insights into the recent efforts of Chen et al (2013), Pearson and Schipper (2013), and Schipper (2012) to document and explain gender differences in earnings in IPV first price sealed bid forward auction experiments.…”

Section: Introductionmentioning

confidence: 99%

Discrete Rule Learning and the Bidding of the Sexes

Shachat

Wei

2013

SSRN Journal

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We present a hidden Markov model of discrete strategic heterogeneity and learning in first price independent private values auctions. The model includes three latent bidding rules: constant absolute mark-up, constant percentage mark-up, and strategic best response. Rule switching probabilities depend upon a bidder's past auction outcomes. We apply this model to a new experiment that varies the number of bidders, the auction frame between forward and reverse, and includes the collection of saliva samples -used to measure subjects' sex hormone levels. We find the proportion of bidders following constant absolute mark-up increases with experience, particularly when the number of bidders is large. The primary driver here is subjects' increased propensity to switch strategies when they experience a loss (win) reinforcement when following a strategic (heuristic) rule. This affect is stronger for women and leads them spend more time following boundedly rational rules. We also find women in the Luteal and Menstrual phases of their menstrual cycle bid less aggressively, in terms of surplus demanded, when following the best response rule. This combined with spending more time following simple rules of thumbs explains gender differences in earnings.

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Sex Hormones and Competitive Bidding

Cited by 25 publications

References 112 publications

The visible hand: finger ratio (2D:4D) and competitive bidding

The visible hand: finger ratio (2D:4D) and competitive bidding

Testosterone administration does not affect men's rejections of low ultimatum game offers or aggressive mood

Discrete Rule Learning and the Bidding of the Sexes

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