Complete information

random Wiki of the Day

rWotD Episode 2629: Complete information
Welcome to Random Wiki of the Day, your journey through Wikipedia’s vast and varied content, one random article at a time.
The random article for Monday, 15 July 2024 is Complete information.
In economics and game theory, complete information is an economic situation or game in which knowledge about other market participants or players is available to all participants. The utility functions (including risk aversion), payoffs, strategies and "types" of players are thus common knowledge. Complete information is the concept that each player in the game is aware of the sequence, strategies, and payoffs throughout gameplay. Given this information, the players have the ability to plan accordingly based on the information to maximize their own strategies and utility at the end of the game.
Inversely, in a game with incomplete information, players do not possess full information about their opponents. Some players possess private information, a fact that the others should take into account when forming expectations about how those players will behave. A typical example is an auction: each player knows his own utility function (valuation for the item), but does not know the utility function of the other players.
This recording reflects the Wikipedia text as of 00:00 UTC on Monday, 15 July 2024.
For the full current version of the article, see Complete information on Wikipedia.
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Until next time, I'm standard Joanna.