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:
“Thus when I come to shape here at this table between my hands the story of my life and set it before you as a complete thing, I have to recall things gone far, gone deep, sunk into this life or that and become part of it; dreams, too, things surrounding me, and the inmates, those old half-articulate ghosts who keep up their hauntings by day and night ... shadows of people one might have been; unborn selves.”
—Virginia Woolf (1882–1941)
“Many more children observe attitudes, values and ways different from or in conflict with those of their families, social networks, and institutions. Yet today’s young people are no more mature or capable of handling the increased conflicting and often stimulating information they receive than were young people of the past, who received the information and had more adult control of and advice about the information they did receive.”
—James P. Comer (20th century)