Perfect information

Perfect information refers to a situation where all participants in a decision-making process have complete and accurate knowledge about everything relevant to their choices. This means they know all possible options, outcomes, and the details of each option, enabling them to make fully informed decisions without uncertainty. In real-world scenarios, perfect information is rare, but it's a useful concept in economics and game theory to analyze idealized decision-making environments, helping us understand how information influences choices and outcomes under ideal conditions.