We asked observers to match in depth a disparity-only stimulus with a velocity-only stimulus. The observers’ responses revealed systematic biases: the two stimuli appeared to be matched in depth when they were produced by the projection of different distal depth extents. We discuss two alternative models of depth recovery that could account for these results. (1) Depth matches could be obtained by scaling the image signals by constants not specified by optical information, and (2) depth matches could be obtained by equating the stimuli in terms of their signal-to-noise ratios (see Domini & Caudek, 2009). We show that the systematic failures of shape constancy revealed by observers’ judgments are well accounted for by the hypothesis that the apparent depth of a stimulus is determined by the magnitude of the retinal signals relative to the uncertainty (i.e., internal noise) arising from the measurement of those signals.