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Understanding Testosterone and Estrogen in Context of Neurofinance: A Systematic Review

Cilt: 9 Sayı: 2 31 Aralık 2025
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Understanding Testosterone and Estrogen in Context of Neurofinance: A Systematic Review

Abstract

Recent behavioral and neurofinance studies continue to reveal that economic behavior has a multifaceted structure, encompassing various dimensions from biology and chemistry to psychology, psychoanalysis, psychopathology, and a range of syndromes. In this context, the pharmacological aspect of the subject, particularly the striking effects of neurotransmitters such as dopamine and serotonin on economic behavior, has been frequently examined in the literature. Another significant dimension of the finance-pharmacology relationship is the endocrine system, with studies focusing on hormones like cortisol providing noteworthy findings. Along with cortisol, the other most intensively studied hormones are sex hormones (testosterone, estrogen, and progesterone). This study aims to make specific inferences based on existing findings in the literature regarding the effects of testosterone and estrogen on financial matters, thereby contributing to the current body of knowledge. In particular, the behavioral effects of testosterone's relationship with aggression and dominance, and estrogen's connection with sedation and inhibition, influence individuals' financial decision-making processes across a broad spectrum.

Keywords

Kaynakça

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  2. Apicella, C. L., Dreber, A., & Mollerstrom, J. (2014). Salivary testosterone change following monetary wins and losses predicts future financial risk-taking. Psychoneuroendocrinology, 39, 58–64.
  3. Apicella, C. L., Dreber, A., Campbell, B., Gray, P. B., Hoffman, M., & Little, A. C. (2008). Testosterone and financial risk preferences. Evolution and Human Behavior, 29(6), 384– 390.
  4. Armbruster, D., Kirschbaum, C., & Strobel, A. (2021). Androgenic morality? Associations of sex, oral contraceptive use and basal testosterone levels with moral decision making. Behavioural Brain Research, 408, 113196.
  5. Barel, E., Shahrabani, S., & Tzischinsky, O. (2017). Sex hormone/cortisol ratios differentially modulate risk-taking in men and women. Evolutionary Psychology, 15(1), 1474704917697333.
  6. Barzilai, R. (2023). How Testosterone and Serotonin Drive the Shift in Global Power Dynamics, and Geopolitics of Social Conflict in the Clash of Civilizations. Journal of NeuroPhilosophy, 2(1), 1.
  7. Bhattacharjee, J., Singh, R., & Kajol, K. (2021). Risk perception in respect of equity shares: A literature review and future research agenda. DLSU Business and Economics Review, 30(2), 101–119.
  8. Bosch-Domènech, A., Brañas-Garza, P., & Espín, A. M. (2013). Fetal testosterone (2D: 4D) as predictor of cognitive reflection. ESI Working Paper 13-18. Retrieved from http://digitalcommons.chapman.edu/ esi_working_papers/40

Ayrıntılar

Birincil Dil

İngilizce

Konular

İktisat Psikolojisi

Bölüm

Derleme

Yayımlanma Tarihi

31 Aralık 2025

Gönderilme Tarihi

9 Temmuz 2025

Kabul Tarihi

22 Aralık 2025

Yayımlandığı Sayı

Yıl 2025 Cilt: 9 Sayı: 2

Kaynak Göster

APA
Polat, Y. (2025). Understanding Testosterone and Estrogen in Context of Neurofinance: A Systematic Review. Aksaray Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 9(2), 339-362. https://doi.org/10.38122/ased.1738198
AMA
1.Polat Y. Understanding Testosterone and Estrogen in Context of Neurofinance: A Systematic Review. ASED. 2025;9(2):339-362. doi:10.38122/ased.1738198
Chicago
Polat, Yusuf. 2025. “Understanding Testosterone and Estrogen in Context of Neurofinance: A Systematic Review”. Aksaray Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 9 (2): 339-62. https://doi.org/10.38122/ased.1738198.
EndNote
Polat Y (01 Aralık 2025) Understanding Testosterone and Estrogen in Context of Neurofinance: A Systematic Review. Aksaray Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 9 2 339–362.
IEEE
[1]Y. Polat, “Understanding Testosterone and Estrogen in Context of Neurofinance: A Systematic Review”, ASED, c. 9, sy 2, ss. 339–362, Ara. 2025, doi: 10.38122/ased.1738198.
ISNAD
Polat, Yusuf. “Understanding Testosterone and Estrogen in Context of Neurofinance: A Systematic Review”. Aksaray Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 9/2 (01 Aralık 2025): 339-362. https://doi.org/10.38122/ased.1738198.
JAMA
1.Polat Y. Understanding Testosterone and Estrogen in Context of Neurofinance: A Systematic Review. ASED. 2025;9:339–362.
MLA
Polat, Yusuf. “Understanding Testosterone and Estrogen in Context of Neurofinance: A Systematic Review”. Aksaray Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, c. 9, sy 2, Aralık 2025, ss. 339-62, doi:10.38122/ased.1738198.
Vancouver
1.Yusuf Polat. Understanding Testosterone and Estrogen in Context of Neurofinance: A Systematic Review. ASED. 01 Aralık 2025;9(2):339-62. doi:10.38122/ased.1738198