Facial masculinity predicts risk and time preferences in expert chess players

In this study, we examine the relationship between risk-taking, impatience and facial masculinity in expert chess players. We combine a large panel data set from high-level chess games with measures of both risk-taking and impatience in chess with facial masculinity, a proxy for testosterone exposure in puberty. We find that male players with high pubertal testosterone exposure are more impatient by playing shorter chess games. For female players, we find that facial masculinity is negatively correlated with risk-taking.