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:
“I want relations which are not purely personal, based on purely personal qualities; but relations based upon some unanimous accord in truth or belief, and a harmony of purpose, rather than of personality. I am weary of personality.... Let us be easy and impersonal, not forever fingering over our own souls, and the souls of our acquaintances, but trying to create a new life, a new common life, a new complete tree of life from the roots that are within us.”
—D.H. (David Herbert)
“Phenomenal nature shadows him wherever he goes. Clouds in the staring sky transmit to one another, by means of slow signs, incredibly detailed information regarding him. His inmost thoughts are discussed at nightfall, in manual alphabet, by darkly gesticulating trees. Pebbles or stains or sunflecks form patterns representing in some awful way messages which he must intercept. Everything is a cipher and of everything he is the theme.”
—Vladimir Nabokov (1899–1977)