Open-loop Model

In game theory, an open-loop model is the one where players cannot observe the play of their opponents, as opposed to a closed-loop model, where all past play is common knowledge. The solution to an open-loop model is called "open-loop equilibrium".

Open loop models are more tractable, which is why they are sometimes preferred to closed-loop models even when the latter is a better description of reality.

Famous quotes containing the word model:

    The playing adult steps sideward into another reality; the playing child advances forward to new stages of mastery....Child’s play is the infantile form of the human ability to deal with experience by creating model situations and to master reality by experiment and planning.
    Erik H. Erikson (20th century)