Abstract
Many biological, psychological and economic experiments have been designed where an organism or individual must choose between two options that have the same expected reward but differ in the variance of reward received. In this way, designed empirical approaches have been developed for evaluating risk preferences. Here, however, we show that if the experimental subject is inferring the reward distribution (to optimize some process), they will rarely agree in finite time that the expected rewards are equal. In turn, we argue that this makes discussions of risk preferences, and indeed the motivations of behaviour, not so simple or straightforward to interpret. We use this particular experiment to highlight the serious need to consider the frame of reference of the experimental subject in studies of behaviour.