“…This allows them to study postulates of prospect theory (see Kahneman and Tversky, 1979, and Tversky and Kahneman, 1992) such as the reflection effect, i.e., risk aversion for gains and risk seeking for losses. 1 While we do not know of any other study that investigates the correlation between choice under risk for both gains and losses and all of salivary testosterone, estradiol, progesterone, and cortisol, we are not the first to study the correlation between salivary testosterone and risk aversion. Apicella et al (2008) find that risk-taking in an investment task is significantly positively correlated with salivary testosterone levels in men.…”