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whpearson comments on Money pumping: the axiomatic approach - Less Wrong
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Great post!
There's a defense of bad preferences (not yet demonstrated in this article, but probably will be in the comments) along the lines of "You couldn't really money pump me; I'd catch on after a round or two and quit talking to you."
I think this fails, since there's no reason that only one agent will try to turn you into a money pump once you are found to be vulnerable. If there's a group of smart agents, they could engage you in a series of transactions over the course of years, taking your money all the while.
A more nuanced approach is to have some form of reflectivity that looks at whether you are losing money in general and tries to figure out if you are being money pumped or not (by a single person or group).