TESTOSTERON VE KORTİZOLUN FİNANSAL KARAR VE RİSK ALMA ÜZERİNDEKİ ETKİLERİ

Yıl 2025, Cilt: 2 Sayı: 1, 61 - 71, 04.06.2025

Deniz Başkaynak

Öz

Endokrin sistemin finansal karar alma süreçleri üzerindeki etkileri hakkında hâlâ sınırlı bilgiye sahibiz. Hem insanlarda hem de hayvanlarda yapılan çalışmalar neticesinde, rekabetçi ve stresli olan koşullarla, iki endojen steroid hormon olan testosteron ve kortizoldeki dalgalanmaların ilişkili olduğu bilinmektedir. Stresin yaygın olduğu finans sektörü gibi alanlarda, bu hormonların riskli finansal karar alma süreçleri üzerindeki potansiyel etkileri, daha geniş çaplı etkilerini anlamak için kritik bir araştırma konusu oluşturmaktadır. Hem nörobilim hem de davranışsal ekonomi perspektifinden, hormonların karar verme süreçlerindeki rolünün incelenmesi, hem temel bilimlere hem de uygulamalı disiplinlere değerli katkılar sağlayabilir. Bu derlemenin odak noktası, steroid hormonları olan testosteron ve kortizolün risk barındıran finansal kararlar almadaki ve finansal piyasalarda işlemler yapan kişilerin performansları üzerindeki olası potansiyel etkilerini ortaya koymaktır. İlk bulgular, kortizolün riskle, testosteronun ise ödülle ilişkili olduğunu ortaya koymaktadır. Hormonların akut ve kronik maruziyetlerinin bilişsel etkilerinin farklılık gösterdiği, bu derlemenin temel bulgusudur. Steroid hormon seviyelerindeki akut artışlar, çeşitli görevlerde performans optimizasyonuna katkı sağlayabilirken, kronik düzeydeki yükselmeler risk-ödül seçimlerinde irrasyonel karar alma süreçlerine yol açabilir.

Anahtar Kelimeler

Testosteron , Kortizol , Risk Alma , Finansal Kararlar , Nörofinans

THE EFFECTS OF TESTOSTERONE AND CORTISOL ON FINANCIAL DECISION MAKING AND RISK-TAKING

Öz

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.

Anahtar Kelimeler

Testosterone , Cortisol , Risk-taking , Financial Decisions , Neurofinance

Kaynakça

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