New Study Challenges the Idea That Testosterone Drives Risk-Taking Behavior

Men are more likely to take risks in difficult situations than women, but scientists have long questioned whether there is an innate biological reason behind this difference. A popular theory suggests that higher levels of the hormone testosterone make men less risk-averse. However, a new study has challenged this idea. The findings were published in Neuroscience & Biobehavioral Reviews.

Testing the “Testosterone Theory”

Many researchers have viewed testosterone as a key factor behind gender differences in risk aversion — the tendency to choose safer options with predictable outcomes instead of riskier choices that may offer greater rewards but involve uncertainty. This behavior influences both everyday decisions and major life choices, from driving speed and investments to vacation activities, as well as decisions in politics, international relations, and economics.

Because of the broad impact of risk-taking behavior, scientists have spent years trying to better understand this complex aspect of human psychology. Some researchers pointed to social and cultural influences, while others focused on biological mechanisms. However, evidence regarding testosterone has remained inconsistent: some studies linked higher testosterone levels to greater risk-taking, others found no connection at all, and some even reported the opposite.

To clarify the existing evidence, researchers conducted a meta-analysis of 52 studies involving 17,340 participants that examined both testosterone levels and risk-taking behavior. The studies used a variety of methods to measure testosterone, including direct methods such as blood and saliva testing, as well as hormone administration. Risk-taking behavior was assessed using gambling tasks, lottery-based experiments, and personality questionnaires.

Despite the fact that men generally have higher testosterone levels and are often more likely to take risks, the hormone did not explain this behavioral difference. Researchers found no clear association between testosterone and risk-taking.

The scientists observed that a weak association appeared only in studies using lottery-style games, while other methods of assessing risk showed no significant relationship. They also found that studies using direct testosterone measurements were more likely to report no connection between the hormone and risk-taking behavior, whereas studies using indirect methods — such as finger-length ratios, considered an indicator of prenatal testosterone exposure — were more likely to suggest a possible association.

The findings clearly show that risk-taking behavior is not determined by hormones alone. Researchers suggest that it is shaped within a biopsychosocial framework, where the specific situation, a person’s emotional and cognitive state, and the nature of the task all play important roles.

According to the authors, the debate is likely to continue until future studies are conducted with larger sample sizes, standardized hormone testing methods, and more consistent ways of measuring risk-taking behavior.

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