CYCLICAL PREFERENCES AND WORLD BAYESIANISM

An example shows that 'pairwise preferences' (certain hypothetical cho ices) can cycle even when rational. General considerations entail that preferences tout court (certain relations of actual valuations) canno t cycle. A world-bayesian theory is explained that accommodates these two kinds of preference, and a theory for rational actions that would have them maximize and be objects of ratifiable choices. It is observe d that choices can be unratifiable either because of troublesome crede nces or because of troublesome preferences. An appendix comments on a third way in which efforts to maximize can be frustrated.