Intransitivity in the small and in the large

Sushil Bikhchandani*, Uzi Segal

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


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 languageEnglish
Pages (from-to)257-273
Number of pages17
JournalJournal of Risk and Uncertainty
Issue number3
StatePublished - Dec 2021
Externally publishedYes


  • Intransitivity
  • Local preferences
  • Preference reversal
  • Regret


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