This paper considers the role of simulation in investigating risk homeostasis phenomena. Benefits and limitations of simulation are considered before reviewing how simulation can improve understanding of risk homeostasis theory (RHT). A principal tool used for examining RHT— the Aston Driving Simulator (ADS) — is described. A series of five experiments, three using the ADS, are outlined and the main findings discussed. Through operationalising utility, examining psychological correlates of RHT and analysing behavioural pathways which might carry homeostatic effects, the experiments serve to advance understanding of these aspects of RHT, as well as finding evidence in support of some central claims of RHT. It is concluded that, while there are limits to which RHT phenomena can be studied through simulation, benefits include the possibility of assessing behavioural pathways within the environment which might carry homeostasis and utility effects.