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

  • Tharakunnel, Kurian
  • Bhattacharyya, Siddhartha
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    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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    File URL: http://www.sciencedirect.com/science/article/B6V85-4VV2NFC-3/2/8fa15c45d6a3e3886a66bb6fa7ba297f
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    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
    Contact details of provider: Web page: http://www.elsevier.com/locate/jedc

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    1. 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.
    2. Kalai, Ehud & Ledyard, John, 1997. "Repeated Implementation," Working Papers 1027, California Institute of Technology, Division of the Humanities and Social Sciences.
    3. Radner, Roy, 1985. "Repeated Principal-Agent Games with Discounting," Econometrica, Econometric Society, vol. 53(5), pages 1173-98, September.
    4. Brock, W.A. & Hommes, C.H., 1996. "A Rational Route to Randomness," Working papers 9530r, Wisconsin Madison - Social Systems.
    5. 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.
    6. Drew Fudenberg & David K. Levine, 1998. "The Theory of Learning in Games," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061945, June.
    7. 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.
    8. 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.
    9. Groves, Theodore, 1973. "Incentives in Teams," Econometrica, Econometric Society, vol. 41(4), pages 617-31, July.
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