Preferences may arise from regret, i.e., from comparisons with alternatives forgone by the decision maker. We show that … when the choice set consists of pairwise statistically independent lotteries, transitive regret-based behavior is …

Preferences may arise from regret, i.e., from comparisons with alternatives forgone by the decision maker. We ask … whether regret-based behavior is consistent with non-expected utility theories of transitive choice. We show that the answer … is no. If choices are governed by ex ante regret and elation then non-expected utility preferences must be intransitive. …