We present a randomized on-line algorithm for the list update problem
which achieves a competitive factor of 1.6, the best known so far. The
algorithm makes an initial random choice between two known algorithms
that have different worst-case request sequences. The first is the BI
T algorithm that, for each item in the list, alternates between moving
it to the front of the list and leaving it at its place after it has
been requested. The second is a TIMESTAMP algorithm that moves an item
in front of less often requested items within the list.