The idea that rational agents should have acyclic preferences and should obey conditionalization has been defended on the grounds that otherwise an agent is threatened with becoming a “money pump.” This essay argues that such arguments fail to prove their claims.

The money-pump argument is the standard argument for the acyclicity of rational preferences. The argument purports to show that agents with cyclic preferences are in some possible situations forced to act against their preference. In the usual, diachronic version of the money-pump argument, such agents accept a series of trades that leaves them worse off than before. Two stock objections are (i) that one may get the drift and refuse the trades and (ii) that one may adopt a plan to (...) only accept some of the trades. This article argues that these objections are irrelevant. If the diachronic money-pump argument is cogent, so is a more direct synchronic argument. The upshot is that the standard objections to the diachronic money-pump argument do not affect this simpler synchronic argument. Hence the standard objections to the money-pump argument for acyclicity are irrelevant. (shrink)

Contemporary philosophers interested in value theory appear to be largely concerned with questions of the following sort:What is value?What is the meaning of the word ‘good’?Does the attribution of value to an object have a cognitive, or merely an emotive, significance?The first question is metaphysical; to ask it is analogous to asking in physics:What is matter?What is electricity?The others are generally treated as semantical questions; to ask them is analogous to asking in statistics:What is the meaning of the word ‘probable’?Does (...) an attribution of probability express an objective fact, or merely a subjective attitude? (shrink)

This is a major contribution to the theory of rational choice which will be of particular interest to philosophers and economists. The author sets out the foundations of rational choice, and then sketches a dynamic choice framework in which principles of ordering and independence follow from a number of apparently plausible conditions. However, there is potential conflict among these conditions, and when they are weakened to avoid it the usual foundations of rational choice no longer prevail. The thrust of the (...) argument is to suggest that the theory of rational choice is less deterministic than many suppose. (shrink)

This paper draws a distinction between two closely related conceptions of 'preference' that is of great significance relative to a set of interrelated debates in rational choice theory. The distinction is particularly illuminating in relation to the idea that there is a rational defect inherent in individuals with intransitive preferences and, relatedly, in democratic collectives. I use the distinction to show that things are more complicated than they seem.