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:
“The love between man and woman is the greatest and most complete passion the world will ever see, because it is dual, because it is of two opposing kinds.”
—D.H. (David Herbert)
“I am the very pattern of a modern Major-Gineral,
I’ve information vegetable, animal, and mineral;
I know the kings of England, and I quote the fights historical,
From Marathon to Waterloo, in order categorical;”
—Sir William Schwenck Gilbert (1836–1911)