 Tversky took his data to suggest that a significant number of subjects were prone to expressing strict preferences for each lottery over its immediate successor, but a strict preference for the last lottery over the first. He proposed that these subjects ranked adjacent lotteries by mere payoff as the differences in the probabilities of winning were barely perceptible, but took probability of winning into consideration in the comparison between \(P_1\) and \(P_5\), since the difference in values there was large. Although Tversky’s results were later replicated, it should be noted that there is ongoing controversy surrounding the level of empirical support for intransitive preference (see Regenwetter et al. 2011 for a recent literature review).