Complete information is a term used in economics and game theory to describe an economic situation or game in which knowledge about other market participants or players is available to all participants. Every player knows the payoffs and strategies available to other players.
Complete information is one of the theoretical pre-conditions of an efficient perfectly competitive market. In a sense it is a requirement of the assumption also made in economic theory that market participants act rationally. If a game is not of complete information, then the individual players would not be able to predict the effect that their actions would have on the others players (even if the actor presumed other players would act rationally).
Read more about Complete Information: Complete Vs. Perfect Information, Certain Information
Famous quotes containing the words complete and/or information:
“For which of you, intending to build a tower, does not first sit down and estimate the cost, to see whether he has enough to complete it?”
—Bible: New Testament, Luke 14:28.
“On the breasts of a barmaid in Sale
Were tattooed the prices of ale;
And on her behind
For the sake of the blind
Was the same information in Braille.”
—Anonymous.