Conducted 5 decision-making experiments with a total of 119 undergraduates. It was found that Ss, when choosing among gambles, tended to prefer gambles with high probabilities of winning. The same Ss, when naming selling prices, preferred gambles with small probabilities of winning larger amounts. Results generally support those found by P. Slovic and S. Lichtenstein (see record) in a previous study. Contextual factors that might have contributed to this inconsistency were eliminated in the series of experiments. Changes in preferences over trials were found which fit a hypothesis of learning through simple reinforcement. (PsycINFO Database Record (c) 2006 APA, all rights reserved)