 The following example can be used to show how the argument works in a non-probabilistic context: A certain stamp-collector has cyclic preferences with respect to three stamps, denoted \(A, B\), and \(C\). She prefers \(A\) to \(B, B\) to \(C\), and \(C\) to \(A\). Following Ramsey, we may assume that there is an amount of money, say 10 cents, that she is prepared to pay for exchanging \(B\) for \(A, C\) for \(B\), or \(A\) for \(C\).  She comes into a stamp shop with stamp \(A\). The stamp-dealer offers her to trade in \(A\) for \(C\), if she pays 10 cents. She accepts the deal.