Sex Hormones and Competitive Bidding

60 Pages Posted: 25 Apr 2012 Last revised: 1 Mar 2014

See all articles by Burkhard C. Schipper

Burkhard C. Schipper

University of California, Davis - Department of Economics

Date Written: February 26, 2014

Abstract

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 in females who do not use hormonal contraceptives. Surprisingly, we have null findings for basal testosterone, estradiol, and cortisol in 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.

Keywords: hormones, testosterone, estradiol, progesterone, cortisol, steroids, auctions, gender, competition, aggression, dominance, risk-taking, endocrinological economics

JEL Classification: C72, C91, C92, D44, D81, D87

Suggested Citation

Schipper, Burkhard C., Sex Hormones and Competitive Bidding (February 26, 2014). Available at SSRN: https://ssrn.com/abstract=2046309 or http://dx.doi.org/10.2139/ssrn.2046309

Burkhard C. Schipper (Contact Author)

University of California, Davis - Department of Economics ( email )

One Shields Drive
Davis, CA 95616-8578
United States
530-752-6142 (Phone)
530-752-9382 (Fax)

HOME PAGE: http://www.econ.ucdavis.edu/faculty/schipper/

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