In game theory, an open-loop model is the one where players cannot observe the play of their opponents, as opposed to a closed-loop model, where all past play is common knowledge. The solution to an open-loop model is called "open-loop equilibrium".
Open loop models are more tractable, which is why they are sometimes preferred to closed-loop models even when the latter is a better description of reality.
References.
 ;templatestyles src="Reflist/styles.css" / ;