Question

__________ information is when a player may not know all the information that is pertinent for...

__________ information is when a player may not know all the information that is pertinent for the choice that he has to make at every point in the game. This includes uncertainty about relevant external circumstances – for example, the weather – as well as the prior and contemporaneous actions of other players.

Imperfect

Perfect

Asymmetric

Incomplete

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Answer #1

Answer: Incomplete (asymmetric)

[Both because both are two terms used for the same thing]

Incomplete information, also known as asymmetric information, refers to the contrary, where not all players know each other's utility functions. Perfect information is where all consumers and producers have perfect and instantaneous knowledge of all market prices. Imperfect information refers to the situation where buyers and/or sellers do not have all of the necessary information to make an informed decision about the price or quality of a product.

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