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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.
The expected value of perfect information analysis tries to measure the expected cost of that uncertainty, which “can be interpreted as the expected value of perfect information (EVPI), since perfect information can eliminate the possibility of making the wrong decision” at least from a theoretical perspective. [2]
The above definition illustrates that the value of imperfect information of any uncertainty can always be framed as the value of perfect information, i.e., VoC, of another uncertainty, hence only the term VoC will be used onwards.
Information sets are used in extensive form games and are often depicted in game trees. Game trees show the path from the start of a game and the subsequent paths that can be made depending on each player's next move. For non-perfect information game problems, there is hidden information.
Complete information is the concept that each player in the game is aware of the sequence, strategies, and payoffs throughout gameplay. Given this information, the players have the ability to plan accordingly based on the information to maximize their own strategies and utility at the end of the game. A typical example is the prisoner's dilemma.
In game theory, an extensive-form game is a specification of a game allowing (as the name suggests) for the explicit representation of a number of key aspects, like the sequencing of players' possible moves, their choices at every decision point, the (possibly imperfect) information each player has about the other player's moves when they make a decision, and their payoffs for all possible ...
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Perfect play for a game is known when the game is solved. [1] Based on the rules of a game, every possible final position can be evaluated (as a win, loss or draw). By backward reasoning , one can recursively evaluate a non-final position as identical to the position that is one move away and best valued for the player whose move it is.