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Single-leader-multiple-follower games with boundedly rational agents

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  • Tharakunnel, Kurian
  • Bhattacharyya, Siddhartha
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    Abstract

    This paper studies a class of hierarchical games called single-leader-multiple-follower games (SLMFGs) that have important applications in economics and engineering. We consider such games in the context of boundedly rational agents that are limited in the information and computational power they may possess. Agents in our SLMFG are modeled as adaptive learners that use simple reinforcement learning schemes to learn their optimal behavior. The proposed learning approach is illustrated using a well-studied problem in economics. It is shown that with a patiently learning leader the repeated plays of the game result in approximate equilibrium outcomes.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Economic Dynamics and Control.

    Volume (Year): 33 (2009)
    Issue (Month): 8 (August)
    Pages: 1593-1603

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    Handle: RePEc:eee:dyncon:v:33:y:2009:i:8:p:1593-1603

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    Web page: http://www.elsevier.com/locate/jedc

    Related research

    Keywords: Leader-follower games Bounded rationality Reinforcement learning;

    References

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    1. Kutschinski, Erich & Uthmann, Thomas & Polani, Daniel, 2003. "Learning competitive pricing strategies by multi-agent reinforcement learning," Journal of Economic Dynamics and Control, Elsevier, vol. 27(11), pages 2207-2218.
    2. Radner, Roy, 1985. "Repeated Principal-Agent Games with Discounting," Econometrica, Econometric Society, vol. 53(5), pages 1173-98, September.
    3. Drew Fudenberg & David K. Levine, 1996. "The Theory of Learning in Games," Levine's Working Paper Archive 624, David K. Levine.
    4. repec:att:wimass:9530 is not listed on IDEAS
    5. Ehud Kalai & John O. Ledyard, 1997. "Repeated Implementation," Discussion Papers 1205, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    6. Groves, Theodore, 1973. "Incentives in Teams," Econometrica, Econometric Society, vol. 41(4), pages 617-31, July.
    7. Vallee, Thomas & Basar, Tamer, 1999. "Off-Line Computation of Stackelberg Solutions with the Genetic Algorithm," Computational Economics, Society for Computational Economics, vol. 13(3), pages 201-09, June.
    8. Brock, W.A. & Hommes, C.H., 1996. "A Rational Route to Randomness," Working papers 9530r, Wisconsin Madison - Social Systems.
    9. Waltman, Ludo & Kaymak, Uzay, 2008. "Q-learning agents in a Cournot oligopoly model," Journal of Economic Dynamics and Control, Elsevier, vol. 32(10), pages 3275-3293, October.
    10. Kutschinski, Erich & Uthmann, Thomas & Polani, Daniel, 2003. "Learning competitive pricing strategies by multi-agent reinforcement learning," Journal of Economic Dynamics and Control, Elsevier, vol. 27(11-12), pages 2207-2218, September.
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