In this talk we study master equations arising from mean field game problems, under the crucial monotonicity conditions.
Classical solutions of such equations require very strong technical conditions. Moreover, unlike the master equations arising from mean field control problems, the mean field game master equations are non-local and even classical solutions typically do not satisfy the comparison principle, so the standard viscosity solution approach seems infeasible. We shall propose a notion of weak solution for such equations and establish its wellposedness. Our approach relies on a new smooth mollifier for functions of measures, which unfortunately does not keep the monotonicity property, and the stability result of master equations. The talk is based on a joint work with Jianfeng Zhang.