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In response to remarks earlier by Tony Brewer and Patrick Gunning: 
 
As Hayek (& Wittgenstein) suggest, any model, mathematics, or  
statistical constuct assumes a _given_ known to the mind setting  
out the model or constuct -- a given which implies everything  
conceivable within the model.  This holds true as much for the  
_givens_ in a model of so-called 'incomplete' information as it does  
for a 'perfect information' construct.   
 
Similarly, a _model_ of choice under so-called 'uncertainty' is made  
up out of _given_ elements -- given to the mind of the model  
constructor.  Yet those who make choices and behave in the  
actual world live in worlds conceived in ways that are _not_  
identically given alike to everyone -- i.e. each mind understands  
and interacts in the the world a bit differently.  Additionally, and  
most importantly, minds are not restricted to a pre-given set of  
possibilities, but instead they are capable of open-ended discovery  
of things as yet unimagined, conceptually as well as in terms of  
the relations between things.  Think, if you will, of  as yet  
undiscovered scientific notions -- or new technologies. Think next  
of new entrepreneurial opportunities.  This sort of point -- of the  
_non-modelableness_ of the real incompleteness of knowledge and  
the uncertainty of action is well made by Israel Kirzner, among  
others -- I believe Shackle & Popper & Hayek also had things to  
say on this matter.   
 
So the whole notion that literature of asymmetric information has  
broken free of the 'perfect knowledge' assumption is based on little  
more than a pun.  Perfect knowledge in the sense of the perfect  
knowledge or "birds eye view" implied by a tractable mathematical  
model is still in the drivers seat in economics -- and the sort of  
personal, 'subjective', and local understanding of time & place of  
relevance to real choosing & behaving economics agents is still  
largely missing from the explanatory understanding of the trained  
economist.  In this regard Pat Gunning's remarks -- and the  
quotation from Knight -- are right on target. 
 
Greg Ransom, MiraCosta College 
 
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