Intransitivity in the small and in the large

Sushil Bikhchandani; Uzi Segal

doi:10.1007/s11166-021-09367-4

Intransitivity in the small and in the large

Sushil Bikhchandani^*, Uzi Segal

^*Corresponding author for this work

Research output: Contribution to journal › Article › peer-review

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.

Original language	English
Pages (from-to)	257-273
Number of pages	17
Journal	Journal of Risk and Uncertainty
Volume	63
Issue number	3
DOIs	https://doi.org/10.1007/s11166-021-09367-4
State	Published - Dec 2021
Externally published	Yes

Keywords

Intransitivity
Local preferences
Preference reversal
Regret

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10.1007/s11166-021-09367-4

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Intransitivity in the small and in the large

Abstract

Keywords

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