Figure 1
From: Cortisol and testosterone increase financial risk taking and may destabilize markets
Salivary hormone concentrations. Error bars, mean ± SE.
(A) Asset market experiment. Mean salivary cortisol concentrations in men and women immediately before the asset market (14:00), immediately after the asset market (15:30) and half an hour after (16:00), N = 420. (B) Asset market experiment. Mean salivary testosterone concentrations in men and women immediately before the asset market (14:00), immediately after the asset market (15:30) and half an hour after (16:00), N = 412. (C) Cortisol administration experiment. Mean salivary cortisol concentrations in placebo and cortisol treatments (N = 200). The drug or placebo administration occurred immediately after the baseline sample at 0 h and the experimental task was performed after the second sample at 1 h. (D) Testosterone administration experiment. Mean salivary testosterone concentrations in placebo and testosterone treatments at baseline (0 h), before (48 h) and after (50 h) performance of the trading task (N = 173).
