Given a choice between beer and steak, John chooses the steak. Given a choice between steak and ice cream, John chooses the ice cream. Given a choice between ice cream and beer, John chooses the beer.

Does this really happen? Can money be pumped out? For example, offer John the opportunity to pay $0.05 to upgrade his beer for a steak, then $0.05 to upgrade that to an ice cream cone, then $0.05 to upgrade that to a beer. Run forever. I think if you actually did this you'd find that of the three there actually is one that John would prefer to have.