As we know, one of Egwene's dreams is about the importance for Perrin to choose between the axe and the hammer: "... what was important about him choosing between that axe he wore and a blacksmith's hammer." (tDR, chapter 48).

Actually he's choosing from the beginning of the first book up to the last one and another Egwene's dream about the axe chasing him after he throwed it away, means, that he has more to choose in the next books. But which will be the right choice? For answering this question it must be clear, what the axe means, and what the hammer. And in the books there are plenty of different things in different aspects assotiated with the axe and with the hammer and with both. A closer research is needed for all the aspects.

As complete analysis as possible, involves also the question, is the exclusive "or" the only possible option. Choosing between axe or hammer could mean also: 1. Perrin having to choose both of them; 2. Not the results, but the process of choosing is, what is to be important. Both the options are possible and plausible, not more and not less then the exclusive or. The only advantage of the exclusive or is, it's more simple a variant. Here I will assume it as a precondition. But even if it's not true, it will be important to research, between what exactly is the choice, and the answer to the question "Axe or Hammer?" will be also necessary.

1. Peaceful tool - Bloody weapon: It's the first assotiation to be seen and it's Perrin's own relation to the both. Perrin likes the hammer and hates the axe. He has reasons to hate the axe, it's in the game only by awful circumstances, etc. And another characters (especially Tinkers) see that in his axe and don't approve it. At first glance it's a point pro axe and contra hammer. But is really Perrin's hammer so peaceful? The Axe is created for war and only for war use, and the hammer is created to be peaceful, but how Perrin actually uses his hammer? He killed a (so hard to be killed) Fade with it! In his wolf dreams he used the hammer as a weapon. And used as a weapon the hammer is even more dirty then the axe. As we know Perrin, in a occasion (and he must know he will have such occasions more and more) he will use as a weapon everything he could get, and if he has nothing, he will use maybe his teeth. Taking in regard this, the axe is the means for having his wrath under some control, and making it not so dirty. Having no axe with him, he will not become more peaceful. To make less damage he must control his anger, and the tool for it is the Axe. I.e. also something pro Axe.

2. Old life - New life: Hammer symbolizes Perrin's old life and hopes, before Moiraine came in Emond's Field. But after that the life of a provincial blacksmith is closed for him. The Axe symbolizes the adventurous life, his ta'veren-ness driving him into. Like everyone of the Two Rivers boys, Perrin doesn't like his new life and is looking for every chance to escape it. But the Wheel wants him to accept that life, i.e. to accept the Axe. Perrin is more responsible then the others from the beginning, but he always wanting to set his limits to the scope of his responsibility, and the Wheel wants him responsible for everything it gives him as a target. Most of Perrins disagreements with his new ruler and warrior role are connected not with pacifism, but with his unwillingness to look foolish (as he understands it). And this is only a weekness of him. For facing his destiny Perrin must give up his blacksmith-nostalgia and accept his new role. Pro Axe and contra Hammer.

3. Choices already made: 3.1. Perrin chose the axe and gave up the hammer in the very beginning of the series, when he leaved Emond's field. He made the only right choice, without that the 3-ta'verens stuff was to fail. 3.2. After Elyas' advice he agreed to keep the axe. It looks like a very good advice. 3.3. After the scene with the blacksmith in Tear he became his hammer and a very good advice. He used the hammer when rescuing Faile from the hedgehog-trap, and all was okay. 3.4. Coming to Two Rivers, he chose the Axe not the hammer (the most direct and explicit choice between them in the series) and the results were very good: his success in Two Rivers. 3.5. He kept his axe (not wearing the hammer) all the time he was Lord Perrin of Two Rivers up to CoT, and he had his successes by Dumai Wells, with Aliendre etc. 3.6. He throwed away the axe after the scene with the captured Aiel in CoT, and according to Egwene's dream the Axe will chase him soon; a prophecy somehow connected with him and Aram going in direction of an abyss; i.e. it seemes a choice with bad consequences. To summarize: most choices almost made are pro Axe and contra Hammer.

4. Rage symbol: Axe as a weapon is connected with the berserker type of an ideal warrior (in difference to sword-type - a calm, self-disciplined, graceful master of fencing, fighting as an art in a developed civilisation, a blademaster-ideal; or in difference to spear-type, where the ideal warrior is also the ideal hunter). Perrin has lot from a berserker in him and all that is not seeming to be good, it's too cruel and wild a direction of developement. The Axe is a symbol of rage in the series also in another cases - the Ogier saying about the axe with a long handle (i.e. battle axe) is their symbol for anger and impatience. It's bad for axe. But it's not better for hammer. In Old Norse tradition the axe and the hammer as weapons are interchangeable. Hammer is Tor's weapon. Rage is the way of most effectively battle use of a hammer. And hammer is used by RJ as a symbol of wrath - in the heading of chapter 5 of CoT, where forging a hammer is forging Perrin's wrath (cf Rand's hardening in Far Madding is also "forging" his anger). The disadvantages (and eventually the advantages) for Axe and Hammer here are equal.

5. Conscience symbol: Every time Perrin is hating his Axe, actually he's remembering the cruel side in him. Elyas said him to keep the axe so long he's hating it. That means, he needs the axe to remember about what really the necessary violence means. Throwing the axe away is wanting no more remembering, wanting no more conscience. And this is bad. Elyas' advice to throw the axe when he become to like it, means, to throw it when it's no more connected with his conscience. Perrin is the man of conscience in the series (Rand's conscience is too neurotic, too infected by LTT's madness, not pure; Mat's conscience is yet to become a real factor; and conscience is not very essential to the female characters), it's very important for him. Perrin is throwing away his axe because of his hate to be cruel, but that's wrong way, actually he want's to escape from his responcibility, in his position he cannot remain not cruel if he hasn't the memory about his cruelty before his eyes. Pro Axe.

6. Hasty reactions - Methodical approach: CoT chapter 5 gives us an excellent opposition of this type, but this is only the most clear expression of something characteristic for whole Perrin's life. The mentioned chapter tells us, how after the failed attempts for quick and impatient chasing Shaido, Perrin decides to take his anger under control and to begin patiently doing everything step by step. This decision is what is called a hammer been forged (in the title of the chapter). It's the way of doing things, Perrin always liked and was good in it. And Perrin allways hated being hasty. And, according to the Ogier saying, the axe is a symbol for being hasty. Of course systematical approach is more efficient then hasty reaction. But the problem is, that it looks too similar to Rand's becoming harder and harder. That's quite efficient, but it's very bad for Rand. Why not the same point for Perrin? Actually in CoT chapter 5 he's becoming harder in the way like Rand became harder in Far Madding. And whatever of disadvantages hasty decisions have, they are quite emotional, they are very close connected with the ability to laugh and to cry. And another thing. When using his systematical approach, Perrin is restricting himself only to one immediate objective. "Hammer" is for him doing everything step by step whatever happens. It's good for blacksmith's work, but Perrin is a ruler now. A good ruler must react to everything immediately. The too strict methodical approach for a ruler is to be called fanatism. Because of his step-by-step method Perrin ignores the troubles of So Habor, the viewings about Rand, he's even ready to miss the last battle if he's not ready with his rescuing mission. IMO this systematical approach has more disadvantages then advantages. Contra Hammer.

7. Hope symbol: The blacksmith from Tear gave Perrin the Hammer for remembering something about the future. It's one of the best scenes in the series. This hammer represents the hope for Perrin, there will be good time after his unhappy time for fighting against the Shadow. It's a hope for giving him what to struggle for. It's very important (not to forget, that the name of the DO's Champion is 'Betrayer of Hope'). Pro Hammer. But there are also some reservations to this. Hope is not exactly something to "choose", it's only to be not given up. Choosing something instead of hope is betraying it, but keeping hope is not equal to be faithful to a definite symbol of it. Actually the best way of keeping hope, is to be independent from any particular symbol, for the strongest hope is alive by any circumstances. Perrin has to keep his hope, but isn't it a weekness restricting his hope to the hammer? And also the hammer is not only a symbol of hope for Perrin. He's using blacksmith's sayings most frequently to express his lack of good perspectives - only a bloody iron to forge, not a bit of silver...

8. Builder symbol: Perrin is supposed by some to be the Builder image in the WoT mythology. There are some reasons for it. And the symbol of that role for him is his hammer. But it's debatable, is he really a builder. Rand is said to be not a builder but a destroyer, and in some way Perrin's ta'verenness is supporting to that of Rand. Maybe it's complementary Builder part to the destroyer one, but maybe it's another part of destroyer function (what does Perrin built? A nation? Rand has built much more, and he's not a builder!). And if he has to be a Builder, is really the hammer the proper symbol for it. The prophecy about the flourishing trees around him is the best thing to show his builder role, but what have trees to do with a hammer. It's not his systematical "hammer" style, what made the creative changes he influenced, but his quick improvisations and half-unwillingly presence, better symbolized by the Axe. And I don't think he will serve as Builder by being a blacksmith. It's also remarkable, that an axe is used as a instrument by building not less then a hammer. Pro Hammer, but with some reservations.

9. There is a case in tDR ch.4, where a very competent person (IMO the most competent character in the series) gives Perrin a remarkable advice in favour of the hammer. He said, Perrin is to be builder and not a destroyer, and he must give up the axe and choose the hammer. And he was very insistent in wanting this. The problem is, thet this very competent person was Ishamael in one of Perrin's real dreams. Strong point pro Axe and contra Hammer. And after that I would ask any axe-haters: Which side you are fighting for? ;)

10. I don't remember where, and I don't remember what exactly, but Verin said something to Perrin in favour of the hammer and against the axe.

11. Wolves connection: The Axe is part of Perrin's wolf-name, i.e. it is a part of how the wolves see him (and that's once and forever). The hammer is something completely foreign to the wolves. Perrin even uses is in tDR to fly from wolves, to be away from them. In the rescuing Faile from T'A'R scene he's with Hopper and is holding a hammer, but Hopper seems indifferent to the hammer, and for Hopper Perrin remains Young Bull (who's horns ARE the Axe). The Wolves connection is very important, so: pro Axe.

12. Aiel connection: Min's viewings are always about events crucial for the fate of the person, around whom is seen the viewing. Min has a viewing for Perrin about Gaul in cage, and IMO it's something yet to happen between Gaul and Perrin, or, throught Gaul, between Perrin and Aiels at all. And it's the axe-aspect, what all the Aiels recognize in Perrin, not the hammer aspect in him. Perrin could say them, he is a blacksmith, but they don't see a blacksmith in him. In case they have seen, they would also be very critical against him, because it's a SHAME for a blacksmith to fight. It's better for Perrin they never see a blacksmith in him. Contra Hammer.

13. Tinkers connection: Perrin is the only main character with so special connection to Tinkers, he's the only one repeatedly to think, how good is the Way of Leaf. That's incompatible with the axe. But it's not enough for Perrin to give up the axe for to join the Path of the Leaf. The Path of Leaf is not in having no weapons, but in reacting non violently against troubles, and Perrin doesn't react so. Actually he's very far from patiently bearing bad deeds against another people, which is very important for the PotL. And it's not exactly a choice between axe and HAMMER here. Nevertheless contra Axe.

14. Aram connection: As far Axe is for the path of war, it's connected with Aram's conversion. And Aram's presence means certain doom for Perrin. Axe is not Aram's weapon though. Aram is only converted by looking at Perrin's example, like Cha Faile and others like them are convereted by Aiel example. Aram represents only something seen in Perrin's axe from outside, not correctly understood though. Egwene's dreams are hint for more connections between axe and Aram. But IMO Aram is a bad reflection of Perrin's warrior's path. And something more dangerous: regarding Aram's sympathy to Massema, there's something dangerous in Perrin having no weapon like Massema hasn't. Without having a weapon Perrin will be forced to use only followers for dirty jobs, and Aram is ready to be used in such way. So Perrin would not see the consequences of his orders, and Aram would feel even more righteous. Perrin's axe is the last allowed to his lordship touch to doing things alone. So maybe pro Axe.

15. Ogier connection: Axe is a common attribute of Ogiers. They themselves have (except the Seanchan ones) a reserved opinion about the axe (the unadvizable "hasty" stuff), but that's quite the right behaviour to the Axe, according to Elyas' advise. And whatever they think about, they are using their axes quite decided and vigorous. Ogier are the group of characters closer then anybody other to what is to be meant under "good" in WoT. For most the cases one could say, the Ogier's way to do something is the closest to the Light way, the best way. And almost everything used by Ogiers couldn't be bad. Including the Axe. There is an opinion, Perrin will join the Tinkers after the Last Battle; I don't think so, because Path of the Leaf is hardly compatible with one being ruler, and Perrin has to be a ruler, no means what he personally prefers. But Perrin could act like Ogiers and that will be good. And the flourishing trees around him from Min's viewing are another connection of him with Ogiers. Pro Axe.

16. Hawkwing connection: Hammer is one of Hawkwing's nicknames. And there are lot of things hinting the connection with Hawkwing is important for Perrin. The episode with the stedding monument, many details from Hawkwing's biography, the Seanchan connection, their meeting at Falme etc. Perrin becoming more and more a ruler and an unifier, makes the paralell with Hawking even more important. But is Hawkwing's way good or not? Hawkwing was maybe the best ruler of the 3Age - that's pro Hammer. But Hawkwing's project failed after his death, and it failed in a disastrous way. The episode in the statue stedding looks like a warning - a project with great expeditions and sad results. And the Seanchan are more danger then a chance. That's contra Hammer. And IMO there's more contra Hammer then pro.

17. Faile connection: She doesn't like Perrin's blacksmithery and she has done her best to make him never being a blacksmith again. And she's liking his axe aspect and has done her best to encourage him accepting it and helping him doing it right. The Wheel wanted Perrin becoming a ruler and no one has more contribution in acomplishing that then Faile. She was the means of the Wheel for making a lord from Perrin, and that was necessary for him. And it's very important for Perrin never to dissapoint Faile, he thinks it's better to die then to dissapoint her (sorry for giving no quote here). And if he doesn't choose the Axe and not the Hammer, he would surely disappoint her. Even Faile - Berelain controversy is here in the game. In Tear Berelain offered to him coming with her to Mayen as a blacksmith. At that time this would be a wrong choice for him, and for her too. I think, Berelain will have a positive influence on Perrin, but not in that way, Berelain is not to be the dominating side in their relations, in Min's viewing she wanted to leash him. On the contrary, Perrin must dominate over Berelain for a good outcome. In Tear she was still a bad choice for him, and after Cairhein it changed. But after Cairhein she's never more wanting from him being a blacksmith, and she accepted his warrior-and-ruler image, including the Axe. Pro Axe and contra Hammer.

18. Bubble of Evil in Tear: here the Axe played the bad guy. That's nothing, except if this is one of the foreshadowings, RJ is liking to use. And the Tear bubbles could be presages, because they are manifestation of DO's essence in some connection with the 3 ta'verens, and the 3 ta'verens coped with their bubbles, i.e. with the DO's essence attracted to them personally. That makes the 3 bubbles from Tear possible presages of what everyone of them has to do at the Last Battle. And in Perrin's case it resembles Egwene's dream about the axe chasing Perrin (a dream after Tear). Perrin managed to cope with the axe. But how? Not by fighting it with the hammer (the hammer was there, but not in the game), but in catching the axe in his hands and taking it under control. Faile attempted to help him with this, but actually she cumbered. He succeded by taking her away from him for saving her, and after them sticking the axe in the door (almost killing Faile). Will the future axe chasing Perrin outcome in similar way? A RAFO question, but if so, he would manage to catch the axe and take a control over it. I.e. to accept it. After all pro Axe, but not a decisive argument.

19. Legends for the next Age: The 3 ta'verens seem to form an ordered suit of 3 warriors - Rand with his sword, Mat with his spear, and Perrin must not be missing with the Axe. This would correspond to the 3 gods from Norse mythology, who are stated to having been influenced our 3 heroes. Perrin's correspondence - Tor, has a hammer, not a blacksmith's but a battle hammer though. And Tor's hammer is completely interchangeable with axe, and Tor's analogs in mythologies of neighbouring cultures as the baltic Perkunas or the slavonic Perun (don't this names sound familiar?), have axes as weapons... Not decisive, but pro Axe.

I think that covers all the important aspects of the problem.

Conclusion: There are lot of pros and contras for both Hammer and Axe, but most of the arguments are pro Axe and contra Hammer. That must be the final decision: Perrin have to choose the Axe. But the plenty of positive meanings of the Hammer, means IMO, hammer must also not be given up. But it's not "choosing" it what must be done about it. To "choose" means taking under immediate control, and there is no immediate usage of Hammer to be found in Perrin's case (but lot of immediate use of Axe). The hammer is not to be chosen, even not to be used, it's only not to be forgotten, it's to remain only as a symbol, while the axe will be the actual tool to hang on Perrin's belt.