I'm going to talk about a simple example that I call a Coin Toss. It starts with the coin flip. So, the coin is flipped that lands heads or tails with 50-50 probability. Player one is going to observe the outcome of the coin toss. Player two is not. So, after this coin lands, Player one has a choice. They can either sell the coin or they can choose play. We'll say, if they choose sell this to some separate subgame, the details of which are not important. The only thing that's important is the expected value.