Approximations in Multi-Leader-Multi-Follower Games via Variational Inequalities Abstract: Problems associated to Multi-Leader-Multi-Follower games may fail to have solutions, particularly in the case of pessimistic behavior of the leaders. In this paper, we propose to obviate to this deficiency by introducing approximate and viscosity solutions constructed with the aid of suitable approximate Nash equilibria of the second stage game. More specifically, the parametric followers Nash equilibrium problem is approximated by using Minty variational inequalities or classical variational inequalities and it is shown, among others, that approximate and viscosity solutions of the pessimistic Multi-Leader-Multi-Follower problem exist under not restrictive assumptions when we use Minty’s variational inequalities
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