ABSTRACT
Choices made from alternatives that one faces in different situations, when described in the form of a function, provides us with a choice function. A choice function, therefore is essentially a description of observed choices. There is nothing inherent in such a description to confirm that the choices made are consistent with the behaviour that one may expect from a rational individual. Such consistency, however, is a matter of great importance to economists and philosophers as it is considered as the hallmark of a rational individual. Several axioms have been proposed in the literature of choice theory to ensure this consistency of a choice function. 1 These axioms (popularly known as internal consistency conditions), if satisfied by a choice function, assure us that the choices made are somewhat consistent or reasonable. The reasonableness that we are talking about here, however, is linked with the concept of rationality.
