I think that one should add that verbalized preference is both an attempt to glimpse the "territory" that is formalized preference, and the thing that causes formalized preferences to exist in the first place. It is at one and the same time a map and a foundation.

Verbalized preferences don't specify formal preference. People use their formal preference through arriving at moral intuitions in specific situations they understand, and can form verbalized preferences as heuristic rules describing what kinds of moral intuitions are observed to appear upon considering what situations. Verbalized preferences are plain and simple summaries of observations, common sense understanding of the hidden territory of the machinery in the brain that produces the moral intuition in an opaque manner. While verbalized preferences are able to capture the important dimensions of what formal preference is, they no more determine formal preference than Newton's laws, as written in a textbook, determine the way real world operates. They merely describe.

On the other hand, your beliefs are only a map of how the world is. The world remains even if you don't have beliefs about it.

Your beliefs shape the world though, if you allow high-level concepts to affect low-level ones. Aside from being made of the world in the first place, your actions will follow in part from your beliefs. If you don't allow high-level concepts to affect low-level ones, then verbalized preference does not cause formalized preferences to exist.