In this paper we investigate how frequency and amount of punishment affect Iranian subjects' decision making. In our first experiment, performing a computer-based Persian version of the Iowa Gambling task, participants consistently chose more frequently and more rapidly from decks which had less frequent but larger amounts of punishments in comparison to decks which had more frequent punishments with smaller amounts. In our second experiment, participants did not differentiate between decks with the same frequency of punishment but with different punishment amounts. However, among decks which had the same amount but different frequency of punishment, a significant preference was apparent towards decks with less frequency of punishment. Our results are rather different from previous studies, indicating a different strategy in risky decision making among Iranian subjects, as they show low attention to the amount of punishment and are more concerned with the frequency of punishment.