Intransitivity in the small and in the large

Sushil Bikhchandani and Uzi Segal ()
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Uzi Segal: Boston College

Journal of Risk and Uncertainty, 2021, vol. 63, issue 3, No 3, 257-273

Abstract: Abstract We propose a regret-based model that allows the separation of attitudes towards transitivity on triples of random variables that are close to each other and attitudes towards transitivity on triples that are far apart. This enables a theoretical reinterpretation of evidence related to intransitive behavior in the laboratory. When viewed through this paper’s analysis, the experimental evidence need not imply intransitive behavior for large risky decisions such as investment choices and insurance.

Keywords: Intransitivity; Regret; Local preferences; Preference reversal; D11; D81 (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/s11166-021-09367-4

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