This paper describes an experiment designed to study the effect of aspiration levels on individual choices under risk.We observe preferences for prospects that offer various probabilities of achieving aspiration levels; the resulting choice patterns characterize a heuristic for reducing the complexity of risky decisions.In cases where aspiration levels are not predictive, choices can be explained by preferences for positive skewness. Our results confirm the efficacy of a two-pronged approach that includes both compensatory and simplifying strategies for choosing among risky prospects. Of the former strategies, cumulative prospect theory best fits our experimental data.