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Counterexamples to "Transitive Regret"

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  • Yuan Chang
  • Shuo Li Liu

Abstract

Theorem 1 in Bikhchandani & Segal (2011; Theoretical Economics) suggests that a complete, transitive, monotonic, and continuous preference is regret based if and only if it is expected utility. Their Proposition 1 suggests that transitivity and continuity of a regret-based preference implies an equivalence condition: if random variables $X$ and $Y$ have the same distribution, then $X\sim Y$. We give counterexamples to Proposition 1.

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  • Yuan Chang & Shuo Li Liu, 2024. "Counterexamples to "Transitive Regret"," Papers 2407.00055, arXiv.org.
    • Handle: RePEc:arx:papers:2407.00055
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    File URL: http://arxiv.org/pdf/2407.00055
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