We construct and run an experiment to test the most basic choice effect pre-
dicted by Salience Theory. Subjects allocate wealth between a risky and a safe
investment. While we vary an apparent payoff ratio to influence salience, treat-
ments have economically equivalent consequences. Most other theories of behavior
then predict zero effect. Our experimental findings are strongly consistent with
the behavioral implication of a continuous version of Salience Theory. We provide
a novel structural estimate on the strength of salience. In our setting, increasing
the relative payoff contrast by one percent is equivalent to an increased odds ratio
by about 0.4 percent.