TESTOSTERON VE KORTİZOLUN FİNANSAL KARAR VE RİSK ALMA ÜZERİNDEKİ ETKİLERİ

We still have limited knowledge about the effects of the endocrine system on financial decision-making. Both human and animal studies have shown that fluctuations in two endogenous steroid hormones, testosterone and cortisol, are associated with competitive and stressful conditions. In areas where stress is prevalent, such as the financial sector, the potential impact of these hormones on risky financial decision-making is a critical research topic to understand their broader effects. From the perspective of both neuroscience and behavioral economics, the study of the role of hormones in decision-making processes can make valuable contributions to both basic science and applied disciplines. The focus of this review is to explore the potential effects of the steroid hormones testosterone and cortisol on risk-taking financial decisions and on the performance of individuals trading in financial markets. Preliminary findings suggest that cortisol is associated with risk and testosterone with reward. The main finding of this review is that the cognitive effects of acute and chronic exposures to hormones differ. Acute increases in steroid hormone levels may contribute to performance optimization in various tasks, while chronic elevations may lead to irrational decision-making processes in risk-reward choices.