Perfect information

Condition in economics and game theory / From Wikipedia, the free encyclopedia

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In economics, perfect information (sometimes referred to as "no hidden information") is a feature of perfect competition. With perfect information in a market, all consumers and producers have complete and instantaneous knowledge of all market prices, their own utility, and own cost functions.

Chess is an example of a game of perfect information.

In game theory, a sequential game has perfect information if each player, when making any decision, is perfectly informed of all the events that have previously occurred, including the "initialization event" of the game (e.g. the starting hands of each player in a card game).[1][2][3][4]

Perfect information is importantly different from complete information, which implies common knowledge of each player's utility functions, payoffs, strategies and "types". A game with perfect information may or may not have complete information.

Games where some aspect of play is hidden from opponents – such as the cards in poker and bridge – are examples of games with imperfect information.[5][6]

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