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The work for which he won the 1994 Nobel Prize in economics was a series of articles published in 1967 and 1968 which established what has become the standard framework for analyzing "games of incomplete information", situations in which the various strategic decisionmakers have different information about the parameters of the game.
A sociological theory is a supposition that intends to consider, analyze, and/or explain objects of social reality from a sociological perspective, [1]: 14 drawing connections between individual concepts in order to organize and substantiate sociological knowledge.
Incomplete information ultimatum games: Some authors have studied variants of the ultimatum game in which either the proposer or the responder has private information about the size of the pie to be divided. [55] [56] These experiments connect the ultimatum game to principal-agent problems studied in contract theory.
Gregory Chaitin produced undecidable statements in algorithmic information theory and proved another incompleteness theorem in that setting. Chaitin's incompleteness theorem states that for any system that can represent enough arithmetic, there is an upper bound c such that no specific number can be proved in that system to have Kolmogorov ...
The landmark event establishing the discipline of information theory and bringing it to immediate worldwide attention was the publication of Claude E. Shannon's classic paper "A Mathematical Theory of Communication" in the Bell System Technical Journal in July and October 1948.
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In economics and game theory, complete information is an economic situation or game in which knowledge about other market participants or players is available to all participants. The utility functions (including risk aversion), payoffs, strategies and "types" of players are thus common knowledge .
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