## Quick Reference

A set of assumptions that characterize rational preferences. The standard axioms are *completeness* (given any two options *x* and *y* then either *x* is at least as good as *y* or *y* is at least as good as *x*), *transitivity* (if *x* is at least as good as *y* and *y* is at least as good as *z*, then *x* is at least as good as *z*), and *reflexivity* (*x* is at least as good as *x*). Preferences that satisfy these axioms can be represented by a set of indifference curves that do not cross. This represents the starting point for the standard theory of choice.

*Subjects:*
Economics.