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The preference-reversal, or the reflection, effect occurs when the valence of the decision option influences risk preference (A. Tversky & D. Kahneman, 1981). The present study examined 3 possible moderators of gambling choices-alcohol, gender, and sensation seeking-among 108 healthy male and female volunteers. After receiving a moderate dose of alcohol, a placebo, or a no-alcohol control beverage, participants completed a betting task in which they could risk a monetary bonus by selecting and playing out a potential gain and a potential loss. Results indicated a preference-reversal effect among high sensation seekers only. The finding that individual differences moderated gambling choices is more consistent with L. L. Lopes's (1987) security-potential/aspiration (SP/A) theory of decision making than with prospect theory. As in previous experimental studies, no significant effects were found for a moderate dose of alcohol. Using SP/A and risk homeostasis theory, the methodological and conceptual reasons for a consistent lack of an effect of alcohol on gambling choices across several studies are discussed.People take actions every day in which they lead to injuries, unsafe sexual practices, and accept some level of risk. Risky decisions that excessive gambling affect a large segment of North American society. Decision-making mod-! els such as prospect theory try to predict when F. Curtis Breslin, Addiction Research Foundation, people will exhibit aversion to risk or will seek Toronto

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