ABSTRACT
More importantly, if nature’s moves are revealed to one person, we assume that they are revealed to everyone, so that there are no informational asymmetries—no one has any private information, aside, possibly, from the choices they make as the situation unfolds. More generally, though, many important political processes can be modeled only if we assume that decision makers have private information, such as the details of their own preferences or their capabilities. To this point our example merely corresponds to a simple game of incomplete information. In addition to assuming that both persons have private information, this example differs from the previous one in that neither person has any opportunity to signal anything about their private information.
