This study investigates the relationship between financial risk taking and PTE in the framework of prospect theory. Such a relationship would be supported by the dual inheritance theory (gene-culture coevolution), which argues that human behavior is a combination of genetic and cultural evolution (Boyd and Richerson 1988 Richerson et al. Research on risk attitudes and 2D:4D aims to shed a light on heritability of risk preferences. ( 2006) also argue that 2D:4D might be inherited. First, with the rise of neuroeconomics and interdisciplinarity, economists are trying to understand whether human biology has a partial impact on economic behavior (see Robson 2001, for a thorough discussion). There are two underlying research questions behind increasing interest on PTE and risk attitudes. While several studies showed that higher PTE yields lower risk aversion, many others reported null results. Although studies investigating the association between risk aversion and 2D:4D are the most widespread in this literature, the results are not conclusive. 2009), competitive bidding (Pearson and Schipper 2012) or managerial activities (Guiso and Rustichini 2018). This relationship has attracted the interest of economists, who studied its role in various contexts including social preferences (Buser 2012 Brañas-Garza et al. Prenatal testosterone exposure (PTE) has organizational effects on the fetus’ brain and endocrine system development and it may thereby have a systematic influence on subsequent behavior (see Manning 2002, for a review).
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