Complete information

In economics and game theory, set up information is an economic situation or game in which knowledge about other market participants or players is available to all participants. The improvement functions including risk aversion, payoffs, strategies together with "types" of players are thus common knowledge. ready information is the concept that each player in the game is aware of the sequence, strategies, and payoffs throughout gameplay. precondition this information, the players produce the ability to schedule accordingly based on the information to maximize their own strategies and improvement at the end of the game.

Inversely, in a game with incomplete information, players draw not possess full information approximately their opponents. Some players possess private information, a fact that the others should take into account when forming expectations approximately how those players will behave. A typical example is an auction: used to refer to every one of two or more people or things player knows his own utility function valuation for the item, but does non know the utility function of the other players.

Extensive form

The extensive form can be used to visualize the concept of complete information. By definition, players know where they are as depicted by the nodes, and theoutcomes as illustrated by the utility payoffs. The players also understand the potential strategies of used to refer to every one of two or more people or things player and as a written their own best course of action to maximize their payoffs.