Complete Vs. Perfect Information
Complete and perfect information are importantly different. In a game of complete information, the structure of the game and the payoff functions of the players are commonly known but players may not see all of the moves made by other players (for instance, the initial placement of ships in Battleship); there may also be a chance element (as in most card games). Games of incomplete information arise most frequently in social science rather than as games in the narrow sense. For instance, Harsanyi was motivated by consideration of arms control negotiations, where the players may be uncertain both of the capabilities of their opponents and of their desires and beliefs. Games of incomplete information can be converted into games of complete but imperfect information under the "common prior assumption." This assumption is commonly made for pragmatic reasons, but its justification remains controversial.
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Famous quotes containing the words complete, perfect and/or information:
“It is ... pathetic to observe the complete lack of imagination on the part of certain employers and men and women of the upper-income levels, equally devoid of experience, equally glib with their criticism ... directed against workers, labor leaders, and other villains and personal devils who are the objects of their dart-throwing. Who doesn’t know the wealthy woman who fulminates against the “idle” workers who just won’t get out and hunt jobs?”
—Mary Barnett Gilson (1877–?)
“The kingdom of man over nature, which cometh not with observation,—a dominion such as now is beyond his dream of God,—he shall enter without more wonder than the blind man feels who is gradually restored to perfect sight.”
—Ralph Waldo Emerson (1803–1882)
“The family circle has widened. The worldpool of information fathered by the electric media—movies, Telstar, flight—far surpasses any possible influence mom and dad can now bring to bear. Character no longer is shaped by only two earnest, fumbling experts. Now all the world’s a sage.”
—Marshall McLuhan (1911–1980)