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Stress and decision-making in humans: Performance is related to cortisol reactivity, albeit differently in men and women
Abstract
Acutely elevated levels of cortisol are associated with euphoria and reward-like properties related to sensation-seeking behaviour. Thus, acute stress and elevated levels of cortisol may promote risk-taking behaviour. High cortisol responders are more sensitive to immediate rewards than low cortisol responders. In this study we therefore tested whether acute stress in male and female subjects, induced by the Trier Social Stress Test (TSST), affects decision-making as measured by the Iowa Gambling Task (IGT) and to what extent this is related to cortisol reactivity. Control subjects did not receive the stress manipulation. We specifically predict that high responders show risk-taking behaviour in the IGT compared to low responders and controls. The data show that the more (salivary) cortisol levels are elevated after the TSST the poorer the subsequent performance in the IGT in male subjects. In female subjects an inverse relationship between cortisol levels and IGT performance is observed: slightly elevated levels of cortisol after the TSST improve IGT performance, while highly elevated levels decrease IGT performance. Thus, acute stress as induced by the TSST affects decision-making behaviour of men and women differently and cortisol reactivity is associated with decision-making performance.
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“HPA functioning has also been linked to risk-taking behavior in standardized laboratory tasks (e.g., Lighthall et al., 2009; van den Bos et al., 2009; van Honk, 2003)”
From The Adaptive Calibration Model of stress responsivity (2011) · cites this paper as van den Bos et al., 2009
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“Better consideration of the genetics of stress response [66-69], will improve understanding of stress-related diseases, such as obesity [4, 70-73].”
Psychosocial stress, hormones, and impulsivity/risk-taking in economic decision-making
Jurgensen, J., Nickels, N., Borráz-León, J. I., D'Anna, V., Guiso, L., Rustichini, A., & Dario Maestripieri, A. (2024) · Journal of Behavioral and Experimental Economics · doi:10.1016/j.socec.2024.102262 · Cited by 2
Audit Partner Characteristics, Audit Fees and Earnings Quality
Muia, A. M. (2019) · Cited by 2
Forbes, P., Nitschke, J. P., Hochmeister, N., Tobias Kalenscher, A., & Lamm, C. (2023) · doi:10.31234/osf.io/4x89z · Cited by 2
Ren, H., Sun, S., Zhong, Z., & Wang, S. (2025) · Journal of Behavioral and Experimental Finance · doi:10.1016/j.jbef.2025.101079 · Cited by 1
Singh, V., Tripathi, M., Chandra, S. P., Verma, R., Jha, S. K., Chhabra, H. S., Chakrabarty, M., Mitra, S., Babu, I., Jha, A., et al. (2025) · Frontiers in Psychiatry · doi:10.3389/fpsyt.2025.1551477 · Cited by 1
Eyadat, A. M., Abusbaitan, H. A., Cho, Y., Albdour, M. M., Thongpriwan, V., & Gwon, J. (2026) · Journal of Aggression Maltreatment & Trauma · doi:10.1080/10926771.2026.2646517 · Cited by 1
“…function by disrupting the hypothalamic-pituitary -adrenocortical axis (HPA), leading to changes in cortisol reactivity (González-Cabrera et al., 2017), risk-taking behavior (Van den Bos et al., 2009), and altered emotional brain function (Quidé et al., 2021), exacerbating mental health issues.”
Labonté, B., Lutz, P.-É., & Turecki, G. (2014) · Elsevier eBooks · doi:10.1016/b978-0-12-417114-5.00015-2 · Cited by 1
Implementasi pembelajaran ekstrakurikuler bola basket di SMA Santo Mikael Sleman, Yogyakarta
Ayiriga, L., Haryanto, S., & Mulyoto, M. (2021) · Wiyata Dharma Jurnal Penelitian dan Evaluasi Pendidikan · doi:10.30738/wd.v9i2.12173 · Cited by 1
Dou, K., & Ye, W.-Y. (2024) · Journal of Gambling Studies · doi:10.1007/s10899-024-10298-3 · Cited by 1
“Previous stud - ies have indicated that females are more inclined than males to consider risks in decision-making, making them more likely to avoid risks in loss situations (Preston et al., 2007; Van den Bos et al., 2009 ; Villanueva-Moya & Expósito, 2021 ).”
Trask, C. L., Roth, R. M., Henricks, A. M., Hickey, S. M., & Brunette, M. F. (2024) · Psychiatry Research Communications · doi:10.1016/j.psycom.2024.100179 · Cited by 1
Keleş, D. Ö., Akyel, B., Yüncü, Z., & Kırlı, U. (2024) · Ege Tıp Dergisi · doi:10.19161/etd.1364106 · Cited by 1
Molina, M. G., Caicedo-Mera, J. C., Becerra, L. C., López, C. C. G., Cotrina, J. A. M., & Aponte-Canencio, D. M. (2024) · Innovar · doi:10.15446/innovar.v34n94.116813 · Cited by 1
“However, this effect is expected to be minimal (Starcke et al ., 2011; van den Bos et al ., 2009).”
Labonté, B., Lutz, P.-É., & Turecki, G. (2014) · Academic Press eBooks · Cited by 1
Cortisol Reactivity to Stress and Decision–making in Adolescents: There is Gender Difference
Lu, Q., Tao, F., Fangli, H. O. U., & Sun, Y. (2014) · Acta Psychologica Sinica · doi:10.3724/sp.j.1041.2014.00647 · Cited by 1
“采用 SPSS 15.0 对数据进行统计分析。使用重 复测量方差分析(Repeated measure ANOVA)统计被 试者不同时间点皮质醇浓度差异, 同时使用公式计 算不同时间点皮质醇水平的曲线下面积(Pruessner, Kirschbaum, Meinlschmid, & Hellhammer, 2003)。曲 线下面积反应的是不同时间点皮质醇浓度连线后 和横坐标 0 之间的总面积(Area under the curve with respect to ground, AUCG) (Fekedulegn et al., 2007), 然而本研究皮质醇反应的变量指标为皮质醇应激 激 发 后 曲 线 下 面 积 (Area…”
InfluentialMind, Behaviour and Health: A Randomised ExperimentPreprint
Alem, Y., Behrendt, H., Belot, M. V. K., & Bíró, A. (2016) · SSRN Electronic Journal · doi:10.2139/ssrn.2803851 · Cited by 1
“A number of studies find that fearful emotions increase risk aversion (Kugler et al. (2012), Guiso et al. (2013)), while other studies find that elevated cortisol is associated with more risk-taking (Putman et al. (2010); van den Bos et al. (2009)).”
BackgroundSzalanczy, A., Giorgio, G., Goff, E. B., Seshie, O., Grzybowski, M. N., Klotz, J., Geurts, A. M., Redei, E. E., & Woods, L. C. S. (2023) · bioRxiv (Cold Spring Harbor Laboratory) · doi:10.1101/2023.03.15.532439 · Cited by 1
“Better consideration of 543 the genetics of stress response (66-69), will improve understanding of stress-related diseases, such as obesity (4, 544 70-73).”
Bruchmann, C., Stolla, J., Titchener, R., Fischer, J., & Keupp, S. (2023) · doi:10.31219/osf.io/uh6mk · Cited by 1
Degroat, T. J., Moran, K. M., Denney, K., Paladino, S. E., Yasrebi, A., Knox, N., Samuels, B., & Roepke, T. A. (2025) · bioRxiv · doi:10.1101/2025.01.21.634142 · Cited by 1
“Some studies have found that stress effects on risk-taking in humans are sex-biased, with men displaying increased risk-taking behavior after stress and women showing decreased risk-taking (Lighthall et al., 2012; Van Den Bos et al., 2009).”
Metadata
- Authors
- van den Bos, R., Harteveld, M., & Stoop, H.
- Affiliations
- Utrecht University (NL)
- Venue
- Psychoneuroendocrinology
- Publisher
- Elsevier BV
- Published
- 2009-11
- Volume
- 34
- Issue
- 10
- Pages
- 1449-1458
- ISSN
- 0306-4530 (ISSN-L)
- OpenAlex
- W2107723514
- Cited by
- 369
- References
- 30
- Citations by year
- 2026: 6 · 2025: 10 · 2024: 20 · 2023: 37 · 2022: 13 · 2021: 23 · 2020: 21 · 2019: 22 · 2018: 18 · 2017: 23 · 2016: 41 · 2015: 31 · 2014: 31 · 2013: 23 · 2012: 24
- FWCI
- 6.25
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Psychoneuroendocrinology (publishedVersion)
- PubMed (publishedVersion)
- Utrecht University Repository (Utrecht University) (submittedVersion)
- Topics
- Life Sciences › Neuroscience › Behavioral Neuroscience › Stress Responses and Cortisol
- Life Sciences › Neuroscience › Cognitive Neuroscience › Neural and Behavioral Psychology Studies
- Life Sciences › Neuroscience › Cellular and Molecular Neuroscience › Neurotransmitter Receptor Influence on Behavior
- Keywords
- acute stress, cortisol response, decision-making, risk-taking, sex differences, Trier Social Stress Test, Iowa Gambling Task, salivary cortisol, reward sensitivity, sensation seeking
- MeSH terms
- Adolescent, Adult, Decision Making, Female, Humans, Hydrocortisone, Male, Psychomotor Performance, Risk-Taking, Saliva, Sex Characteristics, Stress, Psychological
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