Many risky actions are carried out under the influence of alcohol. However, the effect of alcoholicintoxicationoverthewillingnesstotakerisksiscomplexandstillremainsunclear.Weconductaneconomicfieldexperimentinanatural,drinkingandrisk-takingenvironment to analyze how both actual and self-estimated blood alcohol concentration (BAC) levels influencesubjects'choicesovermonetarylotteries.Ourresultsrevealanegativeimpactof both actual and self-estimated BAC levels on risk-taking. However, for male and young subjects, we find a positive relationship between BAC underestimation (a pattern of estimation error which mainly occurs at high BAC levels) and the willingness to choose riskierlotteries.Ourfindingssuggestthatariskcompensationmechanismisactivatedonly when individuals' own intoxication level is consciously self-perceived to be high. We concludethereforethathumanpropensitytoengageinriskyactivitiesundertheinfluence of alcohol is not due to an enhanced preference for risky choices. In addition to the suggestion in the existing literature that such propensity is due to a weakened ability to perceiverisks,ourresultsindicatethatanimpairedself-perceptionofownintoxicationlevel mayalsobeanimportantfactor.