We live and lead in a world of imperfect information, guaranteed surprises, and unpredictable occurrences.

FORBES: Three Steps to Handling the Unexpected

In economics, we talk about signaling as a way to confer information about key characteristics in the face of imperfect information.

FORBES: 2013 NFL Draft First Round Selections by the Numbers

We paused, we talked, and even though we were in a scary situation with imperfect information, we made a thoughtful decision fast.

FORBES: Three Steps to Handling the Unexpected

This illustrates the imperfect-information nature of the game, and the lack of common knowledge about others.

FORBES: Is There A (Game Theory) Game Which Captures The Core Dilemma Of An Economic Bubble?

According to Mossman, one of the main problems in the wholesale fuel industry is the lack of transparency, which creates imperfect markets because of hugely asymmetrical information.

FORBES: Fuel Budgets Quadrupled Since 2004 On Surging Oil Price Volatility

This study, however imperfect because of its focus on a surrogate endpoint, demonstrates why we need to generate more information about how drugs compare.

FORBES: AstraZeneca Study is Good News for the Public, Bad News for AstraZeneca