The last two chapters argued that economists should reject Sen’s two definitions of preferences. Preferences cannot be defined by expected advantage or by choice. What then are preferences? What satisfies the axioms of ordinal utility and combines with beliefs to determine choices?

Total Subjective Comparative Evaluations

Given the axioms of ordinal utility theory, preferences entail a complete and transitive ranking that determines choices when combined with beliefs and constraints. Because this ranking determines choices, it must be a total ranking, incorporating every factor agents take to influence their choices. As economists understand preferences, nothing competes with preferences in determining choices. Once beliefs and constraints are given, preferences are determinative.