Economics Game Theory Questions
Complete information in game theory refers to a situation where all players have perfect knowledge about the game, including the rules, payoffs, and the strategies chosen by other players. In contrast, incomplete information refers to a situation where players have limited or imperfect knowledge about certain aspects of the game, such as the payoffs or the strategies chosen by other players. Incomplete information can introduce uncertainty and strategic considerations based on the players' beliefs or assumptions about the unknown information.