Mean field equilibrium in dynamic games with strategic complementarities
From MaRDI portal
Publication:5166261
Abstract: We study a class of stochastic dynamic games that exhibit strategic complementarities between players; formally, in the games we consider, the payoff of a player has increasing differences between her own state and the empirical distribution of the states of other players. Such games can be used to model a diverse set of applications, including network security models, recommender systems, and dynamic search in markets. Stochastic games are generally difficult to analyze, and these difficulties are only exacerbated when the number of players is large (as might be the case in the preceding examples). We consider an approximation methodology called mean field equilibrium to study these games. In such an equilibrium, each player reacts to only the long run average state of other players. We find necessary conditions for the existence of a mean field equilibrium in such games. Furthermore, as a simple consequence of this existence theorem, we obtain several natural monotonicity properties. We show that there exist a "largest" and a "smallest" equilibrium among all those where the equilibrium strategy used by a player is nondecreasing, and we also show that players converge to each of these equilibria via natural myopic learning dynamics; as we argue, these dynamics are more reasonable than the standard best response dynamics. We also provide sensitivity results, where we quantify how the equilibria of such games move in response to changes in parameters of the game (e.g., the introduction of incentives to players).
Recommendations
- Dynamic games with strategic complements and large number of players
- Total reward semi-Markov mean-field games with complementarity properties
- Mean Field Equilibrium: Uniqueness, Existence, and Comparative Statics
- Binary mean field stochastic games: stationary equilibria and comparative statics
- Mean field stochastic games: monotone costs and threshold policies
Cited in
(28)- Mean field games of timing and models for bank runs
- Total reward semi-Markov mean-field games with complementarity properties
- Dynamic pricing of new products in competitive markets: a mean-field game approach
- Submodular mean field games: existence and approximation of solutions
- Discrete-time ergodic mean-field games with average reward on compact spaces
- Analysis of Markovian competitive situations using nonatomic games
- Equilibria of dynamic games with many players: existence, approximation, and market structure
- A link between sequential semi-anonymous nonatomic games and their large finite counterparts
- On the efficiency of equilibria in mean-field oscillator games
- Dynamic marketing policies with rating-sensitive consumers: a mean-field games approach
- Dynamic games with strategic complements and large number of players
- Opinion dynamics and stubbornness via multi-population mean-field games
- Strategic arrivals into queueing networks: the network concert queueing game
- Probabilistic analysis of simulation-based games
- Stationary anonymous sequential games with undiscounted rewards
- Stochastic comparative statics in Markov decision processes
- Mean Field Equilibrium: Uniqueness, Existence, and Comparative Statics
- Strategic thinking under social influence: scalability, stability and robustness of allocations
- On the approximation error of mean-field models
- Mean field equilibria for resource competition in spatial settings
- Rare Nash equilibria and the price of anarchy in large static games
- Markov distributional equilibrium dynamics in games with complementarities and no aggregate risk
- Behavioral analytics for myopic agents
- Network Games with Strategic Machine Learning
- Price setting with strategic complementarities as a mean field game
- Strategic complementarity in games
- Multiple-population discrete-time mean field games with discounted and total payoffs: the existence of equilibria
- Markov perfect equilibria in discrete finite-player and mean-field games
This page was built for publication: Mean field equilibrium in dynamic games with strategic complementarities
Report a bug (only for logged in users!)Click here to report a bug for this page (MaRDI item Q5166261)
