In economics and game theory, complete information is an economic situation or game in which knowledge about other market participants or players is available to all participants. The utility functions (including risk aversion), payoffs, strategies and "types" of players are thus common knowledge. Complete information is the concept that each player in the game is aware of the sequence, strategies, and payoffs throughout gameplay. Given this information, the players have the ability to plan accordingly based on the information to maximize their own strategies and utility at the end of the game.
Inversely, in a game with incomplete information, players do not possess full information about their opponents. Some players possess private information, a fact that the others should take into account when forming expectations about how those players will behave. A typical example is an auction: each player knows his own utility function (valuation for the item), but does not know the utility function of the other players.[1]
^Levin, Jonathan (2002). "Games with Incomplete Information" (PDF). Retrieved 25 August 2016.
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In economics and game theory, completeinformation is an economic situation or game in which knowledge about other market participants or players is available...
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and information theory.[citation needed] In Shannon's revolutionary and groundbreaking paper, the work for which had been substantially completed at Bell...
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result, completeinformation should be accessible and made available to everyone at no cost. However, actual markets often depend on information as a commodity...
first states that in economic equilibrium, a set of complete markets, with completeinformation, and in perfect competition, will be Pareto optimal (in...
pre-Hispanic period to the present. The information presented here is highly summarized, and more completeinformation can be found in more detailed articles...
F = 2 Ω {\displaystyle {\mathcal {F}}=2^{\Omega }} describes the completeinformation. In general, a σ-algebra F ⊆ 2 Ω {\displaystyle {\mathcal {F}}\subseteq...
to completeinformation games. Except, by attaching probability to the game, the final game functions as though it were an incomplete information game...
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used with games of completeinformation. Subgame perfection can be used with extensive form games of complete but imperfect information. The subgame-perfect...
decisions may be chosen with incomplete information as opposed to affording the cost to receive completeinformation. This shows that decision makers choose...
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individuals lack completeinformation and have difficulties monitoring and enforcing agreements. Institutions can provide information and reduce transaction...
A complete contract is an important concept from contract theory. If the parties to an agreement could specify their respective rights and duties for every...
Global Information