Abstract
Mean-field games have been studied under the assumption of very large number of players. For such large systems, the basic idea consists to approximate large games by a stylized game model with a continuum of players. The approach has been shown to be useful in some applications. However, the stylized game model with continuum of decision-makers is rarely observed in practice and the approximation proposed in the asymptotic regime is meaningless for networked systems with few entities. In this paper we propose a mean-field framework that is suitable not only for large systems but also for a small world with few number of entities. The applicability of the proposed framework is illustrated through a dynamic auction with asymmetric valuation distributions.
Original language | English (US) |
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Title of host publication | IFAC Proceedings Volumes |
Publisher | Elsevier BV |
Pages | 8989-8994 |
Number of pages | 6 |
ISBN (Print) | 9783902823625 |
DOIs | |
State | Published - Oct 8 2014 |