One of the basic tenets of expected utility theory is the principle of invariance in stating preferences between options. The preference should not depend on the description of the options (description invariance) or on the method of elicitation (procedure invariance). In Experiment 1, the maximum buying price for the right to play some bets was compared to the minimum selling price for giving up the right to play those same gambles. The selling prices were significantly greater than the buying prices for the different bets. In Experiment 2 participants had a choice task between a sure option and a risky one. The diversification obtained through repeated gambles had the predicted effect of decreasing risk aversion in the choice task. However, participants gave higher prices and lower risk premiums for the single gamble than for the repeated gambles, suggesting that the single gamble was more attractive than the repeated gamble. These results are consistent with the reversal of preferences found in previous research.