1. Preference Definition: preference on X is rational if Its complete x,yEX, either x% y or y %x, or both o It's reflexive WxEX.x% x Its transitive x,y,zEX, if x% y and y% z, then x%z lectures for Chu Kechen Honors Collegelecture5 for Chu Kechen Honors College 1.Preference ➢ Definition: preference on X is rational if: ⚫ It’s complete: ⚫ It’s reflexive: ⚫ It’s transitive: % x y x y y x , ,either or , or both X % %  x x x X, % x y z x y y z x z , , ,if and , then X % % %