  We study the ``renormalization group action'' induced by cycles of cosmic
expansion and contraction, within the context of a family of stochastic
dynamical laws for causal sets derived earlier. We find a line of fixed points
corresponding to the dynamics of transitive percolation, and we prove that
there exist no other fixed points and no cycles of length two or more. We also
identify an extensive ``basin of attraction'' of the fixed points but find that
it does not exhaust the full parameter space. Nevertheless, we conjecture that
every trajectory is drawn toward the fixed point set in a suitably weakened
sense.
