I agree that the money pump argument is confusing. I think the real problem with intransitive preferences is that they’re self-contradictory. If I have an intransitive preference and you simply ask me whether I want A, B, or C, I am unable to answer. As soon as I open my mouth to say something I already want to change my mind, and I’m stuck. However, there’s some conceptual slippage to merely wanting to move in a cycle between states over time, such as wanting to travel endlessly from Chicago to New York to San Francisco and back to Chicago again. This may be considered silly and wasteful but there’s nothing inherently illogical about it.
I agree that the money pump argument is confusing. I think the real problem with intransitive preferences is that they’re self-contradictory. If I have an intransitive preference and you simply ask me whether I want A, B, or C, I am unable to answer. As soon as I open my mouth to say something I already want to change my mind, and I’m stuck. However, there’s some conceptual slippage to merely wanting to move in a cycle between states over time, such as wanting to travel endlessly from Chicago to New York to San Francisco and back to Chicago again. This may be considered silly and wasteful but there’s nothing inherently illogical about it.