Game theory static games of complete information

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It can even be used for aromatherapy and skin care treatments as well. Complete information and incomplete information are terms widely used in economics, especially game theory and behavioural economics. Jan Lope Gallego. Summary In this first Learning Path on Game theory, we learn about the main tools and conditions required in order to make a thorough analysis of games. Is Pure Strategy Nash Equilibrium still applicable? This question is related but it does not clarify exactly my point.

Complete information means every player has common knowledge of the structure of the game, in particular, everyone's preference over outcomes and the realization of the relevant state variables. Perfect information means every player has common knowledge of the entire history of play up to the point where they are about to make a decision. Static games are considered to be of complete information because the players know each other's payoffs in all possible outcomes and there's no uncertainty about any state variable here , as you rightly noticed.

The reason why static games are usually considered to be of imperfect information is due to the extensive form representation of such games see figure below. Since static games emphasize strategic simultaneity making a decision without knowledge of what the other player has chosen as opposed to temporal simultaneity making a decision at the same time as the other player , the extensive form of such games usually feature one player moving first while the second player chooses without observing the first player's choice.

This lack of information about the first mover therefore leads to imperfect information , i. This is why perfect information is sometimes characterized as an extensive form game in which every information set is a singleton. Sign up to join this community. The best answers are voted up and rise to the top. Stack Overflow for Teams — Collaborate and share knowledge with a private group.

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Active 2 years, 11 months ago. Viewed times. Improve this question. Add a comment. Active Oldest Votes. Improve this answer. Herr K.