Supplementary Material

Full text

Some (Mis)facts about 2D:4D, Social and Risk
Preferences.
Online Appendix ∗
Judit Alonso
Universidad de Alicante
Roberto Di Paolo
Universidad de Alicante
Giovanni Ponti
Universidad de Alicante
The University of Chicago
LUISS Guido Carli Roma
Marcello Sartarelli
Universidad de Alicante†
February 6, 2018
Abstract
This Appendix shows additional statistical evidence on the relationship
between 2D:4D, social and risk preferences that offers support to the validity
of our main results.
Keywords: 2D:4D, cognitive reflection, gender, risk, social preferences
JEL Classification: C91, C92, D8
∗Financial support from the Spanish Ministerio de Econom´ıa y Competitividad (ECO2013-
43119, ECO2015-65820-P and ECO2016-77200-P), Universidad de Alicante (GRE 13-04), Gener-
alitat Valenciana (Research Projects Grupos 3/086) and Instituto Valenciano de Investigaciones
Econ´omicas (IVIE) is gratefully acknowledged.
†Corresponding author. Departamento de Fundamentos del An´alisis Econ´omico, Universidad
de Alicante, Apartado de Correos 99, 03080 Alicante. E-mail: marcellosartarelli@gmail.com

Table 1: Ordered probit regressions of social preferences individual estimates and
marginal effects by using a dummy = 1 when the Right 2D:4D ratio (R2D:4D)
higher than the gender specific median.
(1) (2) (3) (4) (5)
α β α β α β α β α β
HR2D:4D (HR) -0.064 -0.235∗-0.066 -0.236∗-0.068 -0.213∗0.018 -0.185 0.395 -0.562∗∗
(0.123) (0.125) (0.124) (0.125) (0.124) (0.126) (0.168) (0.172) (0.249) (0.254)
Female (F) 0.376∗∗∗ 0.097 0.326∗∗∗ 0.062 0.423∗∗ 0.093 0.326∗∗ 0.069
(0.124) (0.125) (0.126) (0.127) (0.180) (0.181) (0.127) (0.127)
CRT Imp (CRTI) 0.359∗∗ 0.333∗∗ 0.355∗∗ 0.332∗∗ 0.604∗∗∗ 0.111
(0.149) (0.151) (0.149) (0.151) (0.208) (0.214)
CRT Others (CRTO) 0.269 -0.120 0.269 -0.121 1.034∗∗∗ -0.441
(0.215) (0.214) (0.215) (0.214) (0.351) (0.330)
HR ×F -0.189 -0.060
(0.249) (0.251)
HR ×CRTI -0.494∗0.440
(0.294) (0.300)
HR ×CRTO -1.298∗∗∗ 0.579
(0.449) (0.433)
MFX P(α=0) of HR 0.010 0.011 0.011 0.012 0.015
S.e. 0.020 0.020 0.021 0.021 0.022
MFX P(α > 0) of HR -0.025 -0.026 -0.027 -0.029 -0.034
S.e. 0.049 0.049 0.049 0.049 0.050
MFX P(α=0) of F -0.062∗∗∗ -0.054∗∗ -0.055∗∗ -0.057∗∗
S.e. 0.022 0.022 0.023 0.023
MFX P(α > 0) of F 0.149∗∗∗ 0.129∗∗∗ 0.130∗∗∗ 0.129∗∗∗
S.e. 0.049 0.050 0.050 0.050
MFX P(α= 0) of CRTI -0.054∗∗ -0.054∗∗ -0.056∗∗
S.e. 0.022 0.022 0.023
MFX P(α > 0) of CRTI 0.141∗∗ 0.140∗∗ 0.140∗∗
S.e. 0.058 0.058 0.058
MFX P(α= 0) of CRTO -0.051 -0.051 -0.079
S.e. 0.046 0.046 0.053
MFX P(α > 0) of CRTO 0.107 0.107 0.152
S.e. 0.085 0.085 0.087
MFX P(β=0) of HR 0.058∗0.058∗0.053∗0.053∗0.052
S.e. 0.031 0.031 0.032 0.032 0.032
MFX P(β > 0) of HR -0.093∗-0.093∗-0.084∗-0.084∗-0.082∗
S.e. 0.049 0.049 0.050 0.050 0.050
MFX P(β=0) of F -0.024 -0.016 -0.016 -0.017
S.e. 0.031 0.032 0.032 0.032
MFX P(β > 0) of F 0.038 0.025 0.025 0.027
S.e. 0.049 0.050 0.050 0.050
MFX P(β= 0) of CRTI -0.079∗∗ -0.079∗∗ -0.079∗∗
S.e. 0.035 0.035 0.035
MFX P(β > 0) of CRTI 0.130∗∗ 0.130∗∗ 0.129∗∗
S.e. 0.058 0.058 0.058
MFX P(β= 0) of CRTO 0.029 0.029 0.036
S.e. 0.049 0.048 0.048
MFX P(β > 0) of CRTO -0.047 -0.048 -0.059
S.e. 0.083 0.083 0.084
N 342 342 342 342 342
Standard errors in parentheses. ∗p < 0.10, ∗∗ p < 0.05, ∗∗∗ p < 0.01
1

Table 2: Ordered probit regressions of social preferences individual estimates and
marginal effects with R2D:4D in levels
(1) (2) (3) (4) (5)
α β α β α β α β α β
HR2D:4D (HR) -0.097 -0.683 -1.237 -1.007 -1.426 -0.819 -1.746 -1.138 7.488∗∗ -6.244∗
(1.638) (1.656) (1.688) (1.698) (1.700) (1.711) (2.234) (2.266) (3.513) (3.526)
Female (F) 0.396∗∗∗ 0.112 0.348∗∗∗ 0.074 -0.395 -0.652 0.348∗∗∗ 0.082
(0.128) (0.128) (0.129) (0.130) (3.366) (3.381) (0.130) (0.130)
CRT Imp (CRTI) 0.364∗∗ 0.339∗∗ 0.365∗∗ 0.340∗∗ 10.304∗∗∗ -5.576
(0.149) (0.151) (0.149) (0.151) (3.957) (3.962)
CRT Others (CRTO) 0.279 -0.134 0.280 -0.133 20.628∗∗∗ -12.756∗∗
(0.216) (0.214) (0.216) (0.214) (6.234) (6.136)
HR ×F 0.757 0.740
(3.428) (3.446)
HR ×CRTI -10.208∗∗ 6.072
(4.058) (4.060)
HR ×CRTO -20.719∗∗∗ 12.859∗∗
(6.328) (6.239)
MFX P(α= 0) of HR 0.015 0.202 0.237 0.229 0.295
S.e. 0.261 0.276 0.283 0.283 0.307
MFX P(α > 0) of HR -0.039 -0.491 -0.566 -0.550 -0.657
S.e. 0.651 0.669 0.673 0.677 0.682
MFX P(α= 0) of F -0.065∗∗∗ -0.058∗∗ -0.058∗∗ -0.062∗∗
S.e. 0.023 0.023 0.023 0.025
MFX P(α > 0) of F 0.156∗∗∗ 0.138∗∗∗ 0.137∗∗∗ 0.138∗∗∗
S.e. 0.050 0.051 0.051 0.051
MFX P(α= 0) of CRTI -0.055∗∗ -0.055∗∗∗ -0.052∗∗
S.e. 0.022 0.021 0.024
MFX P(α > 0) of CRTI 0.143∗∗ 0.144∗∗ 0.125∗∗
S.e. 0.058 0.058 0.059
MFX P(α= 0) of CRTO -0.053 -0.053 -0.074
S.e. 0.046 0.046 0.053
MFX P(α > 0) of CRTO 0.111 0.111 0.141
S.e. 0.085 0.085 0.088
MFX P(β= 0) of HR 0.167 0.246 0.205 0.196 0.183
S.e. 0.405 0.415 0.427 0.428 0.427
MFX P(β > 0) of HR -0.270 -0.398 -0.324 -0.311 -0.291
S.e. 0.655 0.671 0.676 0.679 0.679
MFX P(β= 0) of F -0.027 -0.019 -0.018 -0.020
S.e. 0.032 0.033 0.033 0.033
MFX P(β > 0) of F 0.044 0.029 0.029 0.032
S.e. 0.051 0.051 0.051 0.051
MFX P(β= 0) of CRTI -0.080∗-0.080∗-0.085∗
S.e. 0.034 0.034 0.034
MFX P(β > 0) of CRTI 0.132∗∗ 0.133∗∗ 0.142∗∗
S.e. 0.058 0.058 0.058
MFX P(β= 0) of CRTO 0.032 0.031 0.040
S.e. 0.048 0.047 0.046
MFX P(β > 0) of CRTO -0.053 -0.052 -0.068
S.e. 0.083 0.083 0.084
N 342 342 342 342 342
Standard errors in parentheses. ∗p < 0.10, ∗∗ p < 0.05, ∗∗∗ p < 0.01
2

Table 3: Ordered probit regressions of social preferences individual estimates and
marginal effects by using a dummy = 1 if R2D:4D in the top-bottom tercile
(1) (2) (3) (4) (5)
α β α β α β α β α β
HR2D:4D (HR) 0.018 -0.102 0.013 -0.103 0.017 -0.100 0.128 -0.121 0.331 0.198
(0.130) (0.132) (0.131) (0.132) (0.131) (0.133) (0.176) (0.181) (0.263) (0.265)
Female (F) 0.375∗∗∗ 0.096 0.326∗∗ 0.062 0.490∗∗ 0.032 0.326∗∗∗ 0.065
(0.124) (0.125) (0.126) (0.127) (0.216) (0.218) (0.127) (0.127)
CRT Imp (CRTI) 0.359∗∗ 0.337∗∗ 0.360∗∗ 0.336∗∗ 0.652∗∗ 0.616∗∗
(0.149) (0.151) (0.149) (0.151) (0.255) (0.258)
CRT Others (CRTO) 0.260 -0.141 0.269 -0.143 0.464 0.049
(0.215) (0.213) (0.215) (0.214) (0.376) (0.371)
HR ×F -0.247 0.045
(0.264) (0.266)
HR ×CRTI -0.440 -0.422
(0.311) (0.315)
HR ×CRTO -0.305 -0.289
(0.457) (0.453)
MFX P(α= 0) of HR -0.003 -0.002 -0.003 -0.002 -0.002
S.e. 0.020 0.021 0.022 0.022 0.022
MFX P(α > 0) of HR 0.007 0.005 0.007 0.004 0.005
S.e. 0.052 0.052 0.052 0.052 0.052
MFX P(α= 0) of F -0.061∗∗∗ -0.054∗∗ -0.055∗∗ -0.055∗∗
S.e. 0.022 0.022 0.023 0.023
MFX P(α > 0) of F 0.148∗∗∗ 0.129∗∗∗ 0.129∗∗∗ 0.129∗∗∗
S.e. 0.049 0.050 0.050 0.050
MFX P(α= 0) of CRTI -0.054∗∗ -0.054∗∗ -0.054∗∗
S.e. 0.022 0.022 0.022
MFX P(α > 0) of CRTI 0.141∗∗ 0.141∗∗ 0.142∗∗
S.e. 0.058 0.058 0.058
MFX P(α= 0) of CRTO -0.049 -0.051 -0.050
S.e. 0.045 0.046 0.046
MFX P(α > 0) of CRTO 0.103 0.107 0.104
S.e. 0.085 0.085 0.085
MFX P(β= 0) of HR 0.025 0.026 0.025 0.025 0.027
S.e. 0.033 0.033 0.034 0.034 0.035
MFX P(β > 0) of HR -0.040 -0.041 -0.040 -0.039 -0.042
S.e. 0.052 0.052 0.053 0.053 0.053
MFX P(β= 0) of F -0.024 -0.016 -0.016 -0.016
S.e. 0.031 0.032 0.032 0.032
MFX P(β > 0) of F 0.038 0.025 0.025 0.026
S.e. 0.049 0.050 0.050 0.050
MFX P(β= 0) of CRTI -0.079∗∗ -0.079∗∗ -0.080∗∗
S.e. 0.034 0.034 0.034
MFX P(β > 0) of CRTI 0.132∗∗ 0.132∗∗ 0.132∗∗
S.e. 0.058 0.058 0.058
MFX P(β= 0) of CRTO 0.033 0.034 0.034
S.e. 0.047 0.047 0.047
MFX P(β > 0) of CRTO -0.055 -0.056 -0.056
S.e. 0.083 0.083 0.083
N 342 342 342 342 342
Standard errors in parentheses. ∗p < 0.10, ∗∗ p < 0.05, ∗∗∗ p < 0.01
3

Table 4: Ordered probit regressions of social preferences individual estimates and
marginal effects by using a dummy = 1 when the Left 2D:4D ratio (L2D:4D) is
higher than the gender specific median.
(1) (2) (3) (4) (5)
α β α β α β α β α β
HL2D:4D (HL) -0.006 -0.106 -0.002 -0.107 -0.007 -0.088 -0.146 0.033 0.208 -0.075
(0.123) (0.125) (0.124) (0.125) (0.125) (0.126) (0.168) (0.172) (0.248) (0.252)
Female (F) 0.376∗∗∗ 0.095 0.326∗∗ 0.060 0.172 0.191 0.318∗∗ 0.080
(0.124) (0.125) (0.126) (0.127) (0.177) (0.180) (0.127) (0.128)
CRT Imp (CRTI) 0.359∗∗ 0.339∗∗ 0.360∗∗ 0.340∗∗ 0.452∗∗ 0.423∗∗
(0.149) (0.151) (0.149) (0.151) (0.204) (0.208)
CRT Others (CRTO) 0.261 -0.129 0.269 -0.138 0.750∗∗ -0.611∗
(0.216) (0.214) (0.216) (0.214) (0.350) (0.333)
HL ×F 0.307 -0.257
(0.249) (0.251)
HL ×CRTI -0.194 -0.174
(0.294) (0.298)
HL ×CRTO -0.800∗0.757∗
(0.448) (0.437)
MFX P(α=0) HL 0.001 0.000 0.001 0.000 0.003
S.e. 0.020 0.020 0.021 0.021 0.021
MFX P(α > 0) HL -0.002 -0.001 -0.003 -0.000 -0.007
S.e. 0.049 0.049 0.050 0.050 0.050
MFX P(α=0) F -0.062∗∗∗ -0.054∗∗ -0.055∗∗ -0.055∗∗
S.e. 0.022 0.022 0.023 0.023
MFX P(α > 0) F 0.148∗∗∗ 0.129∗∗∗ 0.129∗∗∗ 0.126∗∗
S.e. 0.049 0.050 0.050 0.050
MFX P(α= 0) CRTI -0.054∗∗ -0.054∗∗ -0.055∗∗
S.e. 0.022 0.022 0.022
MFX P(α > 0) CRTI 0.141∗∗ 0.141∗∗ 0.140∗∗
S.e. 0.058 0.058 0.058
MFX P(α= 0) CRTO -0.050 -0.051 -0.070
S.e. 0.046 0.046 0.051
MFX P(α > 0) CRTO 0.104 0.107 0.139
S.e. 0.085 0.085 0.088
MFX P(β=0) HL 0.026 0.026 0.022 0.022 0.022
S.e. 0.031 0.031 0.031 0.032 0.031
MFX P(β > 0) HL -0.042 -0.042 -0.035 -0.035 -0.035
S.e. 0.049 0.049 0.050 0.050 0.050
MFX P(β=0) F -0.023 -0.015 -0.016 -0.020
S.e. 0.031 0.032 0.032 0.032
MFX P(β > 0) F 0.038 0.024 0.025 0.032
S.e. 0.049 0.050 0.050 0.050
MFX P(β= 0) CRTI -0.080∗∗ -0.080∗∗ -0.079∗∗
S.e. 0.034 0.034 0.034
MFX P(β > 0) CRTI 0.132∗∗ 0.133∗∗ 0.131∗∗
S.e. 0.058 0.058 0.058
MFX P(β= 0) CRTO 0.031 0.033 0.052
S.e. 0.048 0.048 0.043
MFX P(β > 0) CRTO -0.051 -0.054 -0.090
S.e. 0.083 0.083 0.083
N 342 342 342 342 342 342 342 342 342 342
Standard errors in parentheses
∗p < 0.10, ∗∗ p < 0.05, ∗∗∗ p < 0.01
4

Table 5: Ordered probit regressions of social preferences individual estimates and
marginal effects with L2D:4D in levels
(1) (2) (3) (4) (5)
α β α β α β α β α β
HL 2D:4D (HL) -0.704 -1.312 -1.667 -1.612 -1.764 -1.592 -2.622 -1.521 1.173 -5.089
(1.623) (1.646) (1.663) (1.676) (1.667) (1.684) (2.281) (2.349) (3.406) (3.495)
Female (F) 0.393∗∗∗ 0.122 0.345∗∗∗ 0.088 -1.467 0.232 0.341∗∗∗ 0.106
(0.127) (0.127) (0.129) (0.129) (3.284) (3.316) (0.129) (0.130)
CRT Imp (CRTI) 0.360∗∗ 0.343∗∗ 0.359∗∗ 0.343∗∗ 2.460 -1.850
(0.149) (0.151) (0.149) (0.151) (3.885) (3.974)
CRT Others (CRTO) 0.275 -0.135 0.278 -0.136 12.973∗∗ -15.726∗∗∗
(0.215) (0.213) (0.215) (0.214) (5.872) (5.912)
HL ×F 1.842 -0.147
(3.337) (3.371)
HL ×CRT -2.150 2.247
(3.966) (4.054)
HL ×CRTO -12.866∗∗ 15.839∗∗∗
(5.949) (6.010)
MFX P(α=0) HL 0.112 0.271 0.291 0.286 0.314
S.e. 0.257 0.271 0.276 0.273 0.286
MFX P(α > 0) HL -0.280 -0.661 -0.699 -0.694 -0.733
S.e. 0.644 0.657 0.658 0.658 0.662
MFX P(α=0) F -0.064∗∗∗ -0.057∗∗ -0.056∗∗ -0.058∗∗
S.e. 0.023 0.023 0.023 0.024
MFX P(α > 0) F 0.155∗∗∗ 0.136∗∗∗ 0.135∗∗∗ 0.135∗∗∗
S.e. 0.050 0.050 0.050 0.051
MFX P(α= 0) CRTI -0.054∗∗ -0.053∗∗ -0.055∗∗
S.e. 0.022 0.021 0.022
MFX P(α > 0) CRTI 0.141∗∗ 0.141∗∗ 0.138∗∗
S.e. 0.058 0.057 0.058
MFX P(α= 0) CRTO -0.052 -0.053 -0.069
S.e. 0.046 0.046 0.050
MFX P(α > 0) CRTO 0.109 0.111 0.137
S.e. 0.085 0.085 0.087
MFX P(β=0) HL 0.320 0.394 0.397 0.397 0.407
S.e. 0.401 0.408 0.419 0.419 0.427
MFX P(β >0) HL -0.519 -0.637 -0.629 -0.629 -0.640
S.e. 0.650 0.660 0.663 0.664 0.669
MFX P(β=0) F -0.030 -0.022 -0.022 -0.027
S.e. 0.031 0.033 0.033 0.033
MFX P(β > 0) F 0.048 0.035 0.035 0.042
S.e. 0.050 0.051 0.051 0.051
MFX P(β= 0) CRTI -0.081∗∗ -0.081∗∗ -0.084∗∗
S.e. 0.034 0.034 0.035
MFX P(β > 0) CRTI 0.134∗∗ 0.134∗∗ 0.139∗∗
S.e. 0.058 0.058 0.058
MFX P(β= 0) CRTO 0.032 0.032 0.042
S.e. 0.047 0.048 0.046
MFX P(β > 0) CRTO -0.053 -0.053 -0.070
S.e. 0.083 0.083 0.083
N 341 341 341 341 341 341 341 341 341 341
Standard errors in parentheses
∗p < 0.10, ∗∗ p < 0.05, ∗∗∗ p < 0.01
5

Table 6: Ordered probit regressions of social preferences individual estimates and
marginal effects by using a dummy = 1 if L2D:4D is in the top-bottom tercile
(1) (2) (3) (4) (5)
α β α β α β α β α β
HL2D:4D (HL) 0.251∗-0.030 0.277∗∗ -0.025 0.264∗∗ -0.061 0.180 -0.126 0.565∗∗ 0.095
(0.128) (0.130) (0.129) (0.130) (0.130) (0.131) (0.180) (0.186) (0.257) (0.258)
Female (F) 0.393∗∗∗ 0.094 0.343∗∗∗ 0.058 0.232 -0.029 0.384∗∗∗ 0.065
(0.125) (0.125) (0.127) (0.127) (0.210) (0.215) (0.130) (0.130)
CRT Imp (CRTI) 0.345∗∗ 0.341∗∗ 0.356∗∗ 0.349∗∗ 0.499∗∗ 0.446∗
(0.149) (0.151) (0.150) (0.152) (0.246) (0.250)
CRT Others (CRTO) 0.269 -0.145 0.255 -0.154 0.864∗∗ 0.070
(0.215) (0.213) (0.216) (0.214) (0.339) (0.330)
HL ×F 0.175 0.134
(0.264) (0.267)
HL ×CRTI -0.262 -0.171
(0.307) (0.311)
HL ×CRTO -1.021∗∗ -0.367
(0.441) (0.433)
MFX P(α=0) HL -0.038∗∗ -0.042∗∗ -0.041∗∗ -0.041∗∗ -0.042∗∗
S.e. 0.019 0.019 0.020 0.020 0.020
MFX P(α >0) HL 0.099∗∗ 0.109∗∗ 0.104∗∗ 0.104∗∗ 0.105∗∗
S.e. 0.050 0.050 0.051 0.051 0.051
MFX P(α=0) F -0.065∗∗∗ -0.058∗∗ -0.058∗∗ -0.065∗∗∗
S.e. 0.023 0.023 0.023 0.024
MFX P(α >0) F 0.155∗∗∗ 0.136∗∗∗ 0.137∗∗∗ 0.152∗∗∗
S.e. 0.049 0.050 0.050 0.051
MFX P(α= 0) CRTI -0.053∗∗ -0.054∗∗ -0.051∗∗
S.e. 0.022 0.022 0.022
MFX P(α > 0) CRTI 0.136∗∗ 0.140∗∗ 0.130∗∗
S.e. 0.058 0.058 0.058
MFX P(α= 0) CRTO -0.052 -0.049 -0.038
S.e. 0.046 0.046 0.045
MFX P(α > 0) CRTO 0.107 0.101 0.081
S.e. 0.085 0.085 0.086
MFX P(β=0) HL 0.007 0.006 0.015 0.016 0.015
S.e. 0.032 0.032 0.033 0.034 0.034
MFX P(β >0) HL -0.012 -0.010 -0.024 -0.025 -0.024
S.e. 0.052 0.052 0.052 0.052 0.052
MFX P(β=0) F -0.023 -0.014 -0.014 -0.016
S.e. 0.031 0.032 0.032 0.033
MFX P(β >0) F 0.037 0.023 0.023 0.026
S.e. 0.049 0.050 0.050 0.051
MFX P(β= 0) CRTI -0.080∗∗ -0.082∗∗ -0.079∗∗
S.e. 0.034 0.034 0.034
MFX P(β > 0) CRTI 0.133∗∗ 0.137∗∗ 0.131∗∗
S.e. 0.058 0.058 0.058
MFX P(β= 0) CRTO 0.034 0.036 0.039
S.e. 0.047 0.047 0.046
MFX P(β > 0) CRTO -0.057 -0.060 -0.065
S.e. 0.083 0.083 0.083
N 342 342 342 342 342 342 342 342 342 342
Standard errors in parentheses
∗p < 0.10, ∗∗ p < 0.05, ∗∗∗ p < 0.01
6

Table 7: Subjects’ consistency in risky choices using R2D:4D in level
(1) (2) (3) (4) (5)
HR2D:4D (HR) 0.705 0.938∗0.970∗0.448 -0.283
(0.480) (0.500) (0.502) (0.696) (1.050)
Female (F) -0.074∗-0.041 -1.084 -0.040
(0.039) (0.040) (0.963) (0.039)
CRT Imp. (CRTI) -0.167∗∗∗ -0.165∗∗∗ -2.019∗
(0.039) (0.040) (1.167)
CRT Other (CRTO) -0.156∗∗∗ -0.152∗∗∗ -0.398
(0.053) (0.052) (1.477)
HR ×F 1.066
(0.979)
HR ×CRTI 1.899
(1.197)
HR ×CRTO 0.254
(1.517)
Project 1 0.064 0.067 0.063 0.060 0.061
(0.044) (0.045) (0.045) (0.045) (0.045)
Constant 0.084 -0.109 -0.024 0.481 1.194
(0.470) (0.485) (0.484) (0.674) (1.016)
MFX of F -0.042
S.e. 0.040
MFX of CRTI -0.162∗∗∗
S.e. 0.039
MFX of CRTO -0.150∗∗∗
S.e. 0.053
MFX of HR 0.958∗0.913∗
S.e. 0.499 0.496
N 497 497 497 497 497
Robust standard errors in parentheses. ∗p < 0.10, ∗∗ p < 0.05, ∗∗∗ p < 0.01
7

Table 8: Subjects’ relative frequency of risky choices for consistent subjects using
R2D:4D in level
(1) (2) (3) (4) (5)
HR2D:4D (HR) -0.049 0.159 0.165 0.082 -0.129
(0.204) (0.217) (0.217) (0.272) (0.460)
Female (F) -0.061∗∗∗ -0.059∗∗∗ -0.230 -0.059∗∗∗
(0.018) (0.019) (0.433) (0.019)
CRT Imp. (CRTI) -0.007 -0.007 -0.245
(0.020) (0.020) (0.515)
CRT Other (CRTO) 0.006 0.007 -0.697
(0.025) (0.025) (0.575)
HR ×F 0.174
(0.440)
HR ×CRTI 0.245
(0.527)
HR ×CRTO 0.722
(0.588)
Project 1 -0.063∗∗∗ -0.059∗∗∗ -0.059∗∗∗ -0.059∗∗∗ -0.058∗∗∗
(0.019) (0.019) (0.019) (0.019) (0.019)
Constant 0.503∗∗ 0.327 0.323 0.404 0.608
(0.199) (0.210) (0.211) (0.263) (0.448)
MFX of F -0.060∗∗∗
S.e. 0.019
MFX of CRTI -0.005
S.e. 0.020
MFX of CRTO 0.008
S.e. 0.025
MFX of HR 0.165 0.158
S.e. 0.218 0.215
N 390 390 390 390 390
Robust standard errors in parentheses. ∗p < 0.10, ∗∗ p < 0.05, ∗∗∗ p < 0.01
8

Table 9: Subjects’ consistency in risky choices by using a dummy = 1 if R2D:4D in
top-bottom tercile
(1) (2) (3) (4) (5)
HR2D:4D (HR) -0.010 -0.003 0.002 0.024 0.009
(0.039) (0.039) (0.039) (0.050) (0.056)
Female (F) -0.057 -0.024 0.011 -0.028
(0.037) (0.039) (0.065) (0.039)
CRT Imp. (CRTI) -0.166∗∗∗ -0.168∗∗∗ -0.137∗∗
(0.039) (0.039) (0.063)
CRT Other (CRTO) -0.154∗∗∗ -0.154∗∗∗ -0.207∗∗
(0.052) (0.052) (0.089)
HR ×F -0.051
(0.078)
HR ×CRTI -0.040
(0.078)
HR ×CRTO 0.084
(0.109)
Project 1 0.070 0.074∗0.070 0.070 0.077∗
(0.044) (0.045) (0.045) (0.045) (0.044)
Constant 0.779∗∗∗ 0.801∗∗∗ 0.912∗∗∗ 0.899∗∗∗ 0.907∗∗∗
(0.033) (0.036) (0.037) (0.042) (0.045)
MFX of F -0.023
S.e. 0.039
MFX of CRTI -0.164∗∗∗
S.e. 0.039
MFX of CRTO -0.150∗∗∗
S.e. 0.052
MFX of HR 0.000 0.000
S.e. 0.039 0.039
N 497 497 497 497 497
Robust standard errors in parentheses. ∗p < 0.10, ∗∗ p < 0.05, ∗∗∗ p < 0.01
9

Table 10: Subjects’ relative frequency of risky choices for consistent subjects by
using a dummy = 1 if R2D:4D in top-bottom tercile
(1) (2) (3) (4) (5)
HR2D:4D (HR) 0.020 0.026 0.026 0.032 0.019
(0.017) (0.017) (0.017) (0.021) (0.032)
Female (F) -0.060∗∗∗ -0.058∗∗∗ -0.049∗-0.058∗∗∗
(0.017) (0.018) (0.029) (0.018)
CRT Imp. (CRTI) -0.008 -0.008 -0.013
(0.020) (0.020) (0.031)
CRT Other (CRTO) 0.006 0.006 -0.003
(0.025) (0.026) (0.042)
HR ×F -0.013
(0.035)
HR ×CRTI 0.009
(0.040)
HR ×CRTO 0.014
(0.052)
Project 1 -0.063∗∗∗ -0.056∗∗∗ -0.056∗∗∗ -0.056∗∗∗ -0.056∗∗∗
(0.019) (0.019) (0.019) (0.019) (0.019)
Constant 0.442∗∗∗ 0.465∗∗∗ 0.467∗∗∗ 0.464∗∗∗ 0.471∗∗∗
(0.014) (0.015) (0.019) (0.019) (0.024)
MFX of F -0.058∗∗∗
S.e. 0.018
MFX of CRTI -0.007
S.e. 0.020
MFX of CRTO 0.006
S.e. 0.026
MFX of HR 0.025 0.026
S.e. 0.017 0.017
N 390 390 390 390 390
Robust standard errors in parentheses. ∗p < 0.10, ∗∗ p < 0.05, ∗∗∗ p < 0.01
10

Table 11: Subjects’ consistency in risky choices using L2D:4D in level
(1) (2) (3) (4) (5)
HL2D:4D (HL) 0.424 0.633 0.703 0.818 0.820
(0.556) (0.566) (0.567) (0.765) (1.117)
Female (F) -0.068∗-0.035 0.197 -0.036
(0.038) (0.039) (1.117) (0.039)
CRT Imp. (CRTI) -0.169∗∗∗ -0.169∗∗∗ -0.134
(0.039) (0.039) (1.308)
CRT Other (CRTO) -0.155∗∗∗ -0.156∗∗∗ 0.298
(0.052) (0.052) (1.657)
HL ×F -0.237
(1.133)
HL ×CRTI -0.036
(1.331)
HL ×CRTO -0.462
(1.689)
Project 1 0.069 0.072 0.068 0.068 0.067
(0.044) (0.045) (0.045) (0.045) (0.045)
Constant 0.356 0.182 0.230 0.119 0.117
(0.547) (0.554) (0.555) (0.749) (1.094)
MFX of F -0.035
S.e. 0.039
MFX of CRTI -0.169∗∗∗
S.e. 0.039
MFX of CRTO -0.156∗∗∗
S.e. 0.052
MFX of HL 0.705 0.709
S.e. 0.567 0.569
N 496 496 496 496 496
Standard errors in parentheses
∗p < 0.10, ∗∗ p < 0.05, ∗∗∗ p < 0.01
11

Table 12: Subjects’ relative frequency of risky choices for consistent subjects using
L2D:4D in level
(1) (2) (3) (4) (5)
HL2D:4D (HL) -0.117 0.072 0.079 0.038 0.529
(0.248) (0.256) (0.255) (0.315) (0.465)
Female (F) -0.060∗∗∗ -0.058∗∗∗ -0.145 -0.058∗∗∗
(0.018) (0.018) (0.515) (0.018)
CRT Imp. (CRTI) -0.007 -0.007 0.626
(0.020) (0.020) (0.562)
CRT Other (CRTO) 0.007 0.007 0.380
(0.025) (0.025) (0.674)
HL ×F 0.088
(0.522)
HL ×CRTI -0.646
(0.572)
HL ×CRTO -0.383
(0.686)
Project 1 -0.063∗∗∗ -0.057∗∗∗ -0.057∗∗∗ -0.057∗∗∗ -0.057∗∗∗
(0.019) (0.019) (0.019) (0.019) (0.019)
Constant 0.570∗∗ 0.410 0.406 0.446 -0.034
(0.243) (0.249) (0.250) (0.308) (0.457)
MFX of F -0.058∗∗∗
S.e. 0.019
MFX of CRTI -0.009
S.e. 0.020
MFX of CRTO 0.004
S.e. 0.025
MFX of HL 0.080 0.066
S.e. 0.257 0.254
N 389 389 389 389 389
Standard errors in parentheses
∗p < 0.10, ∗∗ p < 0.05, ∗∗∗ p < 0.01
12

Table 13: Subjects’ consistency in risky choices by using a dummy = 1 when the
L2D:4D higher than the gender specific median
(1) (2) (3) (4) (5)
HL2D:4D (HL) 0.040 0.040 0.045 0.050 -0.012
(0.037) (0.037) (0.037) (0.048) (0.055)
Female (F) -0.057 -0.024 -0.019 -0.021
(0.037) (0.038) (0.055) (0.038)
CRT Imp. (CRTI) -0.167∗∗∗ -0.168∗∗∗ -0.218∗∗∗
(0.039) (0.039) (0.054)
CRT Other (CRTO) -0.157∗∗∗ -0.157∗∗∗ -0.139∗
(0.052) (0.052) (0.071)
HL ×F -0.010
(0.073)
HL ×CRTI 0.103
(0.074)
HL ×CRTO -0.030
(0.103)
Project 1 0.068 0.071 0.067 0.067 0.064
(0.044) (0.045) (0.045) (0.045) (0.045)
Constant 0.752∗∗∗ 0.779∗∗∗ 0.893∗∗∗ 0.891∗∗∗ 0.919∗∗∗
(0.028) (0.032) (0.034) (0.038) (0.037)
MFX of F -0.024
S.e. 0.039
MFX of CRTI -0.167
S.e. 0.039
MFX of CRTO -0.154
S.e. 0.052
MFX wrt HL 0.045 0.045
S.e. 0.037 0.036
N 497 497 497 497 497
Standard errors in parentheses
∗p < 0.10, ∗∗ p < 0.05, ∗∗∗ p < 0.01
13

Table 14: Subjects’ relative frequency of risky choices for consistent subjects by
using a dummy = 1 when the L2D:4D higher than the gender specific median
(1) (2) (3) (4) (5)
HL2D:4D (HL) 0.012 0.012 0.012 0.029 0.010
(0.017) (0.017) (0.016) (0.020) (0.031)
Female (F) -0.058∗∗∗ -0.056∗∗∗ -0.037 -0.056∗∗∗
(0.017) (0.018) (0.024) (0.018)
CRT Imp. (CRTI) -0.007 -0.009 -0.008
(0.020) (0.020) (0.029)
CRT Other (CRTO) 0.006 0.005 0.003
(0.025) (0.025) (0.036)
HL ×F -0.037
(0.034)
HL ×CRTI 0.001
(0.038)
HL ×CRTO 0.007
(0.050)
Project 1 -0.064∗∗∗ -0.058∗∗∗ -0.058∗∗∗ -0.058∗∗∗ -0.058∗∗∗
(0.019) (0.019) (0.019) (0.019) (0.019)
Constant 0.450∗∗∗ 0.475∗∗∗ 0.477∗∗∗ 0.469∗∗∗ 0.478∗∗∗
(0.012) (0.013) (0.018) (0.019) (0.023)
MFX of F -0.055
S.e. 0.018
MFX of CRTI -0.007
S.e. 0.020
MFX of CRTO 0.006
S.e. 0.025
MFX of HL 0.012 0.012
S.e. 0.017 0.017
N 390 390 390 390 390
Standard errors in parentheses
∗p < 0.10, ∗∗ p < 0.05, ∗∗∗ p < 0.01
14

Table 15: Subjects’ consistency in risky choices by using a dummy = 1 if L2D:4D
in top-bottom tercile
(1) (2) (3) (4) (5)
HL2D:4D (HL) -0.008 -0.009 0.001 -0.021 -0.050
(0.039) (0.038) (0.038) (0.050) (0.053)
Female (F) -0.057 -0.024 -0.054 -0.020
(0.037) (0.038) (0.065) (0.039)
CRT Imp. (CRTI) -0.166∗∗∗ -0.161∗∗∗ -0.213∗∗∗
(0.039) (0.040) (0.059)
CRT Other (CRTO) -0.154∗∗∗ -0.153∗∗∗ -0.176∗∗
(0.052) (0.052) (0.084)
HL ×F 0.044
(0.078)
HL ×CRTI 0.074
(0.076)
HL ×CRTO 0.037
(0.107)
Project 1 0.071 0.075∗0.070 0.071 0.070
(0.044) (0.044) (0.044) (0.044) (0.045)
Constant 0.777∗∗∗ 0.805∗∗∗ 0.913∗∗∗ 0.925∗∗∗ 0.942∗∗∗
(0.033) (0.035) (0.036) (0.040) (0.035)
MFX of F -0.025
S.e. 0.039
MFX of CRTI -0.164∗∗∗
S.e. 0.040
MFX of CRTO -0.151∗∗∗
S.e. 0.053
MFX of HL 0.000 0.002
S.e. 0.038 0.039
N 497 497 497 497 497
Standard errors in parentheses
∗p < 0.10, ∗∗ p < 0.05, ∗∗∗ p < 0.01
15

Table 16: Subjects’ relative frequency of risky choices for consistent subjects by
using a dummy = 1 if L2D:4D in top-bottom tercile
(1) (2) (3) (4) (5)
HL2D:4D (HL) -0.006 -0.005 -0.005 0.003 0.039
(0.017) (0.017) (0.017) (0.021) (0.032)
Female (F) -0.058∗∗∗ -0.056∗∗∗ -0.044 -0.059∗∗∗
(0.017) (0.018) (0.028) (0.018)
CRT Imp. (CRTI) -0.006 -0.007 0.035
(0.020) (0.020) (0.031)
CRT Other (CRTO) 0.007 0.007 0.034
(0.025) (0.025) (0.041)
HL ×F -0.018
(0.035)
HL ×CRTI -0.064
(0.040)
HL ×CRTO -0.045
(0.052)
Project 1 -0.064∗∗∗ -0.058∗∗∗ -0.057∗∗∗ -0.058∗∗∗ -0.058∗∗∗
(0.019) (0.019) (0.019) (0.019) (0.019)
Constant 0.459∗∗∗ 0.484∗∗∗ 0.486∗∗∗ 0.481∗∗∗ 0.461∗∗∗
(0.013) (0.014) (0.019) (0.019) (0.024)
MFX of F -0.056∗∗∗
S.e. 0.018
MFX of CRTI -0.008
S.e. 0.020
MFX of CRTO 0.004
S.e. 0.026
MFX of HL -0.006 -0.009
S.e. 0.017 0.017
N 390 390 390 390 390
Standard errors in parentheses
∗p < 0.10, ∗∗ p < 0.05, ∗∗∗ p < 0.01
16