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:
“AIDS occupies such a large part in our awareness because of what it has been taken to represent. It seems the very model of all the catastrophes privileged populations feel await them.”
—Susan Sontag (b. 1933)