Contrary to the law of effect and optimal foraging theory, pigeons show suboptimal choice behavior by choosing an alternative that provides 20% reinforcement over another that provides 50% reinforcement. They choose the 20% reinforcement alternative--in which 20% of the time, that choice results in a stimulus that always predicts reinforcement, and 80% of the time, it results in another stimulus that predicts its absence--rather than the 50% reinforcement alternative, which results in one of two stimuli, each of which predicts reinforcement 50% of the time. This choice behavior may be related to suboptimal human monetary gambling behavior, because in both cases, the organism overemphasizes the infrequent occurrence of the winning event and underemphasizes the more frequent occurrence of the losing event.