A stackelberg game of backward stochastic differential equations with partial information

<p style='text-indent:20px;'>This paper is concerned with a Stackelberg game of backward stochastic differential equations (BSDEs) partial information, where the information follower sub-<inline-formula><tex-math id="M1">\begin{document}$ \sigma $\end{document}</tex-math></inline-formula>-algebra that leader. Necessary and sufficient conditions optimality for leader are first given general problem, by maximum principles BSDEs forward-backward (FBSDEs), respectively. Then linear-quadratic (LQ) investigated. The state estimate feedback representation optimal control via two Riccati equations. leader's problem formulated as an FBSDE. Four high-dimensional introduced to represent Theoretic results applied pension fund management players in financial market.</p>