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 am black: I am the incarnation of a complete fusion with the world, an intuitive understanding of the earth, an abandonment of my ego in the heart of the cosmos, and no white man, no matter how intelligent he may be, can ever understand Louis Armstrong and the music of the Congo.”
—Frantz Fanon (1925–1961)
“When action grows unprofitable, gather information; when information grows unprofitable, sleep.”
—Ursula K. Le Guin (b. 1929)