Abstract
In many social phenomena, there exist multiple leaders and followers, and, positions of leaders and followers vary at each stage. Based on dynamic Stackelberg games with leaders in turn, this paper develops and characterizes discrete-time dynamic multi-leader–follower games with leaders in turn. To simplify the problem, all players in this game are divided into some fixed groups and all groups act as leaders in turn. A dynamic programming algorithm is employed to solve this model under feedback information structure.
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