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These problems can be avoided by treating objects of experience as properties. This, however, fails to do justice to the appearances, for experience seems not to present us with properties embodied in individuals. The view that objects of experience is Meinongian objects accommodate this point. It is also attractive in as far as (1) it allows experiences to represent properties other than traditional sensory qualities, and (2) it allows for the identification of objects of experience and objects of perception in the case of experiences that constitute perception.

According to the act/object analysis of experience, every experience with content involves an object of experience to which the subject is related by an act of awareness (the event of experiencing that object). This is meant to apply not only to perceptions, which have material objects (whatever is perceived), but also to experiences like hallucinations and dream experiences, which do not. Such experiences none the less appear to represent something, and their objects are supposed to be whatever it is that they represent. Act/object theorists may differ on the nature of objects of experience, which have been treated as properties. Meinongian objects (which may not exist or have any form of being), and, more commonly private mental entities with sensory qualities. (The term sense-data is now usually applied to the latter, but has also been used as a general term for objects of sense experiences, as in the work of G.E. Moore) Act/object theorists may also differ on the relationship between objects of experience and objects of perception. In terms of perception (of which we are indirectly aware) are always distinct from objects of experience (of which we are directly aware). Meinongian, however, may treat objects of perception as existing objects of experience. But sense-datum theorists must either deny that there are such experiences or admit contradictory objects. Still, most philosophers will feel that the Meinongians acceptance of impossible objects is too high a price to pay for these benefits.

A general problem for the act/object analysis is that the question of whether two subjects are experiencing one and the same thing (as opposed to having exactly similar experiences) appears to have an answer only on the assumption that the experiences concerned are perceptions with material objects. But in terms of the act/object analysis the question must have an answer even when this condition is not satisfied. (The answer is always negative on the sense-datum theory; it could be positive on other versions of the act/object analysis, depending on the facts of the case.)

In view of the above problems, the case for the act/object analysis should be reassessed. The Phenomenological argument is not, on reflection, convincing, for it is easy enough to grant that any experience appears to present us with an object without accepting that it actually does. The semantic argument is more impressive, but is none the less answerable. The seemingly relational structure of attributions of experience is a challenge dealt with below in connexion with the adverbial theory. Apparent reference to and quantification over objects of experience can be handled by analysing them as reference to experiences themselves and quantification over experiences tacitly typed according to content. Thus, The after image that John experienced was colourfully appealing becomes Johns after image experience was an experience of colour, and Macbeth saw something that his wife did not see becomes Macbeth had a visual experience that his wife did not have.

Pure cognitivism attempts to avoid the problems facing the act/object analysis by reducing experiences to cognitive events or associated disposition, e.g., Julie's experience of a rough surface beneath her hand might be identified with the event of her acquiring the belief that there is a rough surface beneath her hand, or, if she does not acquire this belief, with a disposition to acquire it that has somehow been blocked.

This position has attractions. It does full justice to the cognitive contents of experience, and to the important role of experience as a source of belief acquisition. It would also help clear the way for a naturalistic theory of mind, since there seems to be some prospect of a physicalist/functionalist account of belief and other intentional states. But pure cognitivism is completely undermined by its failure to accommodate the fact that experiences have a felt character that cannot be reduced to their content, as aforementioned.