 There is then a version of the DBA that seems close to what Ramsey had in mind, which claims that insofar as degrees of belief link up suitably with preferences, incoherence is associated with a property mirroring inconsistency, although this still need not amount to divided-mind inconsistency in Armendt’s sense, nor is it entirely akin to inconsistency for full beliefs, which are characterized directly without any assumed connection to preference and action. The agent by whose lights each of a set of bets looks fair (or favorable), that is, should be evaluated as fair (or favorable) although they lead collectively to a Dutch Book, which can be set up by examining simply the agent’s credences, has a system of evaluation that is self-defeating, and as such may be said to exhibit a form of irrationality. On this reading, the vulnerability associated with incoherence is theoretical, and linked closely with the agent’s utilities, which means that actual vulnerability depends not only upon an appropriately situated bookie, but also upon the availability of suitable commodities that measure those utilities. With this in place, bets can be fixed that constitute a book on the basis of the agent’s credences, but which are fair (or favorable) by the agent’s lights.  Notice that the previous points, that an agent might avoid book by refusing to bet and that one might end up on the side of a sure gain, are now otiose, for here it is the agent’s evaluations, rather than their consequences that are implicated by the Dutch Book.  Still, the DBA depends upon the theory of preference and utility, and as Kaplan notes (Kaplan 1996), this does not emerge straightforwardly from standard presentations of the argument of the sort considered in section one, nor in the depragmatized versions, as observed in the previous section.  