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If you have chosen economics as your academic discipline, then you will definitely come across the topic named as incomplete information in it. You may find it a little challenging to comprehend this topic on your own and that’s why it is highly suggested that you should get incomplete information homework help as early as possible.
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What is incomplete information on the subject of economics?
In economics, the concept of incomplete information usually revolves around the game theory. It is actually used for portraying a particular economic scenario, or you can also say a game situation where there is insufficient knowledge about the other participants in the market, or you can say, players.
Thus the information that all the market players are having about each other is just insufficient. So incomplete information is a case where opponents may be having some idea about the expected moves of each other but not a complete idea.
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Example of incomplete information
The best example of incomplete information can be an auction. In an auction, every market player knows that what is the maximum value they can bid for a particular item, so it means they are very well aware of their own utility function. But when it comes to knowing that how much valuable is the same item for the other market player then one may not be having any idea about it. It is because one may be aware of the utility function of self but not of others.
The market players in order to have a better deal may collect some crucial information like the capabilities, beliefs, desires, expected moves,etc. about the other opponents. But even after gathering a lot of details no one can exactly tell that what will be the exact step taken by other market players because the information is somehow incomplete in a broad sense.
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