Fluctuating ovarian hormones have been shown to affect decision-making processes in
women. While emerging evidence suggests effects of endogenous ovarian hormones
such as estradiol and progesterone ...on value-based decision-making in women, the
impact of exogenous synthetic hormones, as in most oral contraceptives, is not clear. In a
between-subjects design, we assessed measures of value-based decision-making in
three groups of women aged 18 to 29 years, during (1) active oral contraceptive intake
(N = 22), (2) the early follicular phase of the natural menstrual cycle (N = 20), and (3) the
periovulatory phase of the natural menstrual cycle (N = 20). Estradiol, progesterone,
testosterone, and sex-hormone binding globulin levels were assessed in all groups via
blood samples. We used a test battery which measured different facets of value-based
decision-making: delay discounting, risk-aversion, risk-seeking, and loss aversion. While
hormonal levels did show the expected patterns for the three groups, there were no
differences in value-based decision-making parameters. Consequently, Bayes factors
showed conclusive evidence in support of the null hypothesis. We conclude that women
on oral contraceptives show no differences in value-based decision-making compared to
the early follicular and periovulatory natural menstrual cycle phases.
