Today's post is by Jan-Paul Sandmann (Harvard University), on his recent paper " Irrationality and Indecision " ( Synthese, 2023). Jan-Paul Sandmann What is wrong with preferring some option a to option b , b to c , but c again to a ? Why shouldn’t one cling on to such cyclical preferences? The standard response is that one ought not hold on to cyclical preferences because one could be money pumped as a result. By focusing on the binary comparisons alone, it would seem reasonable to pay some amount of money for b rather than c , a rather than b , as well as c rather than a . If the agent however takes these actions, she ends up with the option she started with, c , while having paid some money. And that clearly does not seem sensible: acting upon a preference cycle would not be in the agent’s interest. The money pump argument thus draws one to conclude that the agent should get rid of her cyclical preferences. The argument is powerful, but it also makes som...
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