Sex Hormones and Competitive Bidding

• 成果类型: Article
• 署名作者: Schipper, Burkhard C.
• 署名单位: University of California System; University of California Davis
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2014.1959
• 发表日期: 2015
• 页码: 249-266
• 关键词: Hormones; steroids; testosterone; estradiol; progesterone; cortisol; Contraceptives; auctions; GENDER; COMPETITION; aggression; risk taking; Endocrinological economics

摘要

We correlate competitive bidding and profits in symmetric independent private value first-price auctions with salivary testosterone, estradiol, progesterone, and cortisol in more than 200 subjects. Bids are significantly positively correlated and profits are significantly negatively correlated with basal salivary progesterone, but only for females who do not use hormonal contraceptives. Surprisingly, we have null findings for basal testosterone, estradiol, and cortisol for both males and females. We show that our finding for progesterone is not mediated by risk aversion or bidding mistakes. No hormone responds to total profits in the auctions except for a small positive response of the stress hormone cortisol in males.