So the authors conclude that exogenously increasing men's testosterone increases bid prices and asset bubbles.

And what's their solution...?

"Perhaps the simplest recommendation is to implement “cool-down” periods to interrupt exceptionally positive feed-back cycles and return the focus to assets’ fundamental valuations to reduce the possibility of biased decision making"

They appear to omit the obvious..

Hire more women!

(i.e. with lower Testosterone)

So if

- women have lower testosterone, &
- testosterone elevates dangerous risk-taking

Why don't financial institutions hire more women?
Why aren't they more rational?

I think the answer is cultural:

They may may be blinkered to this benefit, they may not even consider the ramifications of a male-majority trading floor.

So the masculinised status quo persists.