Figure 2

Aggregate pricing away from fundamental value and ex-ante average endogenous cortisol(A) and testosterone (B) in the asset market experiment.

Each data point represents one market (female-only markets excluded). Line fitted from a linear regression. Shaded areas represent the 90% and 95% CI of the predicted mean. Ex-ante cortisol is significantly correlated with subsequent NAD in the market (linear regression with robust sandwich variance estimator, t = 2.63, P = 0.027, R² = 0.338). Testosterone is not correlated with subsequent NAD in the market (linear regression with robust sandwich variance estimator, t = −0.00, P = 0.996, R² < 0.001).