Rundong Wang

AI
h-index7
20papers
651citations
Novelty53%
AI Score55

20 Papers

AIJun 13, 2023
Synapse: Trajectory-as-Exemplar Prompting with Memory for Computer Control

Longtao Zheng, Rundong Wang, Xinrun Wang et al.

Building agents with large language models (LLMs) for computer control is a burgeoning research area, where the agent receives computer states and performs actions to complete complex tasks. Previous computer agents have demonstrated the benefits of in-context learning (ICL); however, their performance is hindered by several issues. First, the limited context length of LLMs and complex computer states restrict the number of exemplars, as a single webpage can consume the entire context. Second, the exemplars in current methods, such as high-level plans and multi-choice questions, cannot represent complete trajectories, leading to suboptimal performance in long-horizon tasks. Third, existing computer agents rely on task-specific exemplars and overlook the similarity among tasks, resulting in poor generalization to novel tasks. To address these challenges, we introduce Synapse, a computer agent featuring three key components: i) state abstraction, which filters out task-irrelevant information from raw states, allowing more exemplars within the limited context, ii) trajectory-as-exemplar prompting, which prompts the LLM with complete trajectories of the abstracted states and actions to improve multi-step decision-making, and iii) exemplar memory, which stores the embeddings of exemplars and retrieves them via similarity search for generalization to novel tasks. We evaluate Synapse on MiniWoB++, a standard task suite, and Mind2Web, a real-world website benchmark. In MiniWoB++, Synapse achieves a 99.2% average success rate (a 10% relative improvement) across 64 tasks using demonstrations from only 48 tasks. Notably, Synapse is the first ICL method to solve the book-flight task in MiniWoB++. Synapse also exhibits a 56% relative improvement in average step success rate over the previous state-of-the-art prompting scheme in Mind2Web.

TRJun 7, 2022
Quantitative Stock Investment by Routing Uncertainty-Aware Trading Experts: A Multi-Task Learning Approach

Shuo Sun, Rundong Wang, Bo An

Quantitative investment is a fundamental financial task that highly relies on accurate stock prediction and profitable investment decision making. Despite recent advances in deep learning (DL) have shown stellar performance on capturing trading opportunities in the stochastic stock market, we observe that the performance of existing DL methods is sensitive to random seeds and network initialization. To design more profitable DL methods, we analyze this phenomenon and find two major limitations of existing works. First, there is a noticeable gap between accurate financial predictions and profitable investment strategies. Second, investment decisions are made based on only one individual predictor without consideration of model uncertainty, which is inconsistent with the workflow in real-world trading firms. To tackle these two limitations, we first reformulate quantitative investment as a multi-task learning problem. Later on, we propose AlphaMix, a novel two-stage mixture-of-experts (MoE) framework for quantitative investment to mimic the efficient bottom-up trading strategy design workflow of successful trading firms. In Stage one, multiple independent trading experts are jointly optimized with an individual uncertainty-aware loss function. In Stage two, we train neural routers (corresponding to the role of a portfolio manager) to dynamically deploy these experts on an as-needed basis. AlphaMix is also a universal framework that is applicable to various backbone network architectures with consistent performance gains. Through extensive experiments on long-term real-world data spanning over five years on two of the most influential financial markets (US and China), we demonstrate that AlphaMix significantly outperforms many state-of-the-art baselines in terms of four financial criteria.

AIFeb 7, 2023
Towards Skilled Population Curriculum for Multi-Agent Reinforcement Learning

Rundong Wang, Longtao Zheng, Wei Qiu et al.

Recent advances in multi-agent reinforcement learning (MARL) allow agents to coordinate their behaviors in complex environments. However, common MARL algorithms still suffer from scalability and sparse reward issues. One promising approach to resolving them is automatic curriculum learning (ACL). ACL involves a student (curriculum learner) training on tasks of increasing difficulty controlled by a teacher (curriculum generator). Despite its success, ACL's applicability is limited by (1) the lack of a general student framework for dealing with the varying number of agents across tasks and the sparse reward problem, and (2) the non-stationarity of the teacher's task due to ever-changing student strategies. As a remedy for ACL, we introduce a novel automatic curriculum learning framework, Skilled Population Curriculum (SPC), which adapts curriculum learning to multi-agent coordination. Specifically, we endow the student with population-invariant communication and a hierarchical skill set, allowing it to learn cooperation and behavior skills from distinct tasks with varying numbers of agents. In addition, we model the teacher as a contextual bandit conditioned by student policies, enabling a team of agents to change its size while still retaining previously acquired skills. We also analyze the inherent non-stationarity of this multi-agent automatic curriculum teaching problem and provide a corresponding regret bound. Empirical results show that our method improves the performance, scalability and sample efficiency in several MARL environments.

MAMay 27, 2022
Off-Beat Multi-Agent Reinforcement Learning

Wei Qiu, Weixun Wang, Rundong Wang et al.

We investigate model-free multi-agent reinforcement learning (MARL) in environments where off-beat actions are prevalent, i.e., all actions have pre-set execution durations. During execution durations, the environment changes are influenced by, but not synchronised with, action execution. Such a setting is ubiquitous in many real-world problems. However, most MARL methods assume actions are executed immediately after inference, which is often unrealistic and can lead to catastrophic failure for multi-agent coordination with off-beat actions. In order to fill this gap, we develop an algorithmic framework for MARL with off-beat actions. We then propose a novel episodic memory, LeGEM, for model-free MARL algorithms. LeGEM builds agents' episodic memories by utilizing agents' individual experiences. It boosts multi-agent learning by addressing the challenging temporal credit assignment problem raised by the off-beat actions via our novel reward redistribution scheme, alleviating the issue of non-Markovian reward. We evaluate LeGEM on various multi-agent scenarios with off-beat actions, including Stag-Hunter Game, Quarry Game, Afforestation Game, and StarCraft II micromanagement tasks. Empirical results show that LeGEM significantly boosts multi-agent coordination and achieves leading performance and improved sample efficiency.

AIApr 23, 2023
Towards Effective and Interpretable Human-Agent Collaboration in MOBA Games: A Communication Perspective

Yiming Gao, Feiyu Liu, Liang Wang et al.

MOBA games, e.g., Dota2 and Honor of Kings, have been actively used as the testbed for the recent AI research on games, and various AI systems have been developed at the human level so far. However, these AI systems mainly focus on how to compete with humans, less on exploring how to collaborate with humans. To this end, this paper makes the first attempt to investigate human-agent collaboration in MOBA games. In this paper, we propose to enable humans and agents to collaborate through explicit communication by designing an efficient and interpretable Meta-Command Communication-based framework, dubbed MCC, for accomplishing effective human-agent collaboration in MOBA games. The MCC framework consists of two pivotal modules: 1) an interpretable communication protocol, i.e., the Meta-Command, to bridge the communication gap between humans and agents; 2) a meta-command value estimator, i.e., the Meta-Command Selector, to select a valuable meta-command for each agent to achieve effective human-agent collaboration. Experimental results in Honor of Kings demonstrate that MCC agents can collaborate reasonably well with human teammates and even generalize to collaborate with different levels and numbers of human teammates. Videos are available at https://sites.google.com/view/mcc-demo.

AIMar 16
VTC-Bench: Evaluating Agentic Multimodal Models via Compositional Visual Tool Chaining

Xuanyu Zhu, Yuhao Dong, Rundong Wang et al.

Recent advancements extend Multimodal Large Language Models (MLLMs) beyond standard visual question answering to utilizing external tools for advanced visual tasks. Despite this progress, precisely executing and effectively composing diverse tools for complex tasks remain persistent bottleneck. Constrained by sparse tool-sets and simple tool-use trajectories, existing benchmarks fail to capture complex and diverse tool interactions, falling short in evaluating model performance under practical, real-world conditions. To bridge this gap, we introduce VisualToolChain-Bench~(VTC-Bench), a comprehensive benchmark designed to evaluate tool-use proficiency in MLLMs. To align with realistic computer vision pipelines, our framework features 32 diverse OpenCV-based visual operations. This rich tool-set enables extensive combinations, allowing VTC-Bench to rigorously assess multi-tool composition and long-horizon, multi-step plan execution. For precise evaluation, we provide 680 curated problems structured across a nine-category cognitive hierarchy, each with ground-truth execution trajectories. Extensive experiments on 19 leading MLLMs reveal critical limitations in current models' visual agentic capabilities. Specifically, models struggle to adapt to diverse tool-sets and generalize to unseen operations, with the leading model Gemini-3.0-Pro only achieving 51\% on our benchmark. Furthermore, multi-tool composition remains a persistent challenge. When facing complex tasks, models struggle to formulate efficient execution plans, relying heavily on a narrow, suboptimal subset of familiar functions rather than selecting the optimal tools. By identifying these fundamental challenges, VTC-Bench establishes a rigorous baseline to guide the development of more generalized visual agentic models.

CLJun 5, 2025Code
MLLM-CL: Continual Learning for Multimodal Large Language Models

Hongbo Zhao, Fei Zhu, Haiyang Guo et al.

Recent Multimodal Large Language Models (MLLMs) excel in vision-language understanding but face challenges in adapting to dynamic real-world scenarios that require continuous integration of new knowledge and skills. While continual learning (CL) offers a potential solution, existing benchmarks and methods suffer from critical limitations. In this paper, we introduce MLLM-CL, a novel benchmark encompassing domain and ability continual learning, where the former focuses on independently and identically distributed (IID) evaluation across evolving mainstream domains, whereas the latter evaluates on non-IID scenarios with new model abilities. Methodologically, we propose preventing catastrophic interference through parameter isolation and an MLLM-based routing mechanism. Extensive experiments demonstrate that our approach can integrate domain-specific knowledge and functional abilities with minimal forgetting, significantly outperforming existing methods. Our benchmark and code are available at https://github.com/bjzhb666/MLLM-CL.

CVMar 2
QCAgent: An agentic framework for quality-controllable pathology report generation from whole slide image

Rundong Wang, Wei Ba, Ying Zhou et al.

Recent methods for pathology report generation from whole-slide image (WSI) are capable of producing slide-level diagnostic descriptions but fail to ground fine-grained statements in localized visual evidence. Furthermore, they lack control over which diagnostic details to include and how to verify them. Inspired by emerging agentic analysis paradigms and the diagnostic workflow of pathologists,who selectively examine multiple fields of view, we propose QCAgent, an agentic framework for quality-controllable WSI report generation. The core innovations of this framework are as follows: (i) it incorporates a customized critique mechanism guided by a user-defined checklist specifying required diagnostic details and constraints; (ii) it re-identifies informative regions in the WSI based on the critique feedback and text-patch semantic retrieval, a process that iteratively enriches and reconciles the report. Experiments demonstrate that by making report requirements explicitly prompt-defined, constraint-aware, and verifiable through evidence-grounded refinement, QCAgent enables controllable generation of clinically meaningful and high-coverage pathology reports from WSI.

AISep 29, 2025
RealUnify: Do Unified Models Truly Benefit from Unification? A Comprehensive Benchmark

Yang Shi, Yuhao Dong, Yue Ding et al.

The integration of visual understanding and generation into unified multimodal models represents a significant stride toward general-purpose AI. However, a fundamental question remains unanswered by existing benchmarks: does this architectural unification actually enable synergetic interaction between the constituent capabilities? Existing evaluation paradigms, which primarily assess understanding and generation in isolation, are insufficient for determining whether a unified model can leverage its understanding to enhance its generation, or use generative simulation to facilitate deeper comprehension. To address this critical gap, we introduce RealUnify, a benchmark specifically designed to evaluate bidirectional capability synergy. RealUnify comprises 1,000 meticulously human-annotated instances spanning 10 categories and 32 subtasks. It is structured around two core axes: 1) Understanding Enhances Generation, which requires reasoning (e.g., commonsense, logic) to guide image generation, and 2) Generation Enhances Understanding, which necessitates mental simulation or reconstruction (e.g., of transformed or disordered visual inputs) to solve reasoning tasks. A key contribution is our dual-evaluation protocol, which combines direct end-to-end assessment with a diagnostic stepwise evaluation that decomposes tasks into distinct understanding and generation phases. This protocol allows us to precisely discern whether performance bottlenecks stem from deficiencies in core abilities or from a failure to integrate them. Through large-scale evaluations of 12 leading unified models and 6 specialized baselines, we find that current unified models still struggle to achieve effective synergy, indicating that architectural unification alone is insufficient. These results highlight the need for new training strategies and inductive biases to fully unlock the potential of unified modeling.

CVMar 7
Perception-Aware Multimodal Spatial Reasoning from Monocular Images

Yanchun Cheng, Rundong Wang, Xulei Yang et al.

Spatial reasoning from monocular images is essential for autonomous driving, yet current Vision-Language Models (VLMs) still struggle with fine-grained geometric perception, particularly under large scale variation and ambiguous object appearance. We propose a simple yet effective perception-aware multimodal reasoning framework that equips VLMs with explicit object-centric grounding ability. Instead of relying on textual bounding-box outputs, each referred object is represented using all Visual Reference Tokens (VRTs) within its spatial extent, enabling visual evidence and textual reasoning to be processed jointly in a unified token space. To further strengthen cross-modal interaction, we construct a Multimodal Chain-of-Thought (MM-CoT) dataset that injects aligned visual and textual reasoning signals. A deterministic ordering strategy is introduced to make supervision over inherently unordered VRT sets fully compatible with the VLM's autoregressive next-token prediction. With only standard supervised fine-tuning, our method achieves substantial improvements on the SURDS benchmark, outperforming previous approaches - including those using RL-based post-training - by a large margin across both single-object and multi-object tasks. These results demonstrate that accurate perception and multimodal reasoning are mutually reinforcing, and together form the key to robust spatial understanding in challenging monocular driving scenarios.

CVMar 6
GreenRFM: Toward a resource-efficient radiology foundation model

Yingtai Li, Shuai Ming, Mingyue Zhao et al.

The development of radiology foundation models (RFMs) is hindered by a reliance on brute-force scaling. Existing approaches often directly translate methods for natural images, which prioritize scale over precision and hence lead to brittle and expensive models in clinical practice. To address this, we present a resource-efficient pre-training framework, GreenRFM, that achieves state-of-the-art performance. Our framework ensures robust generalization across diverse patient populations and imaging protocols, reducing computational requirements by orders of magnitude while surpassing complex, parameter-heavy models. These capabilities stem from principled supervision design that aims to maximally utilize supervisory signals via More distilled, Ubiquitous, Semantic-enforcing, and Task-aligning (MUST) supervision, rather than simply piling up the quantity of training data. We offer two GreenRFM configurations: (i) a performant model that establishes a new state-of-the-art using a single 24GB GPU within 24 hours, and (ii) a lightweight model that matches existing benchmarks with 6GB VRAM in 4 hours. We conduct extensive experiments using over 200,000 images from four institutions and of two modalities. GreenRFMs achieve superior performances on chest and abdominal CT datasets, regardless of public or private benchmark, surpassing a range of baseline models. In addition, the results on internal musculoskeletal MRI images show that the same supervision principles transfer between different modalities. Our performance and efficiency challenge the ``scale is all you need'' dogma and democratize the equitable development of state-of-the-art RFMs for clinicians even on a laptop.

IRJan 14, 2022
Attention over Self-attention:Intention-aware Re-ranking with Dynamic Transformer Encoders for Recommendation

Zhuoyi Lin, Sheng Zang, Rundong Wang et al.

Re-ranking models refine item recommendation lists generated by the prior global ranking model, which have demonstrated their effectiveness in improving the recommendation quality. However, most existing re-ranking solutions only learn from implicit feedback with a shared prediction model, which regrettably ignore inter-item relationships under diverse user intentions. In this paper, we propose a novel Intention-aware Re-ranking Model with Dynamic Transformer Encoder (RAISE), aiming to perform user-specific prediction for each individual user based on her intentions. Specifically, we first propose to mine latent user intentions from text reviews with an intention discovering module (IDM). By differentiating the importance of review information with a co-attention network, the latent user intention can be explicitly modeled for each user-item pair. We then introduce a dynamic transformer encoder (DTE) to capture user-specific inter-item relationships among item candidates by seamlessly accommodating the learned latent user intentions via IDM. As such, one can not only achieve more personalized recommendations but also obtain corresponding explanations by constructing RAISE upon existing recommendation engines. Empirical study on four public datasets shows the superiority of our proposed RAISE, with up to 13.95%, 9.60%, and 13.03% relative improvements evaluated by Precision@5, MAP@5, and NDCG@5 respectively.

TRDec 15, 2021
DeepScalper: A Risk-Aware Reinforcement Learning Framework to Capture Fleeting Intraday Trading Opportunities

Shuo Sun, Wanqi Xue, Rundong Wang et al.

Reinforcement learning (RL) techniques have shown great success in many challenging quantitative trading tasks, such as portfolio management and algorithmic trading. Especially, intraday trading is one of the most profitable and risky tasks because of the intraday behaviors of the financial market that reflect billions of rapidly fluctuating capitals. However, a vast majority of existing RL methods focus on the relatively low frequency trading scenarios (e.g., day-level) and fail to capture the fleeting intraday investment opportunities due to two major challenges: 1) how to effectively train profitable RL agents for intraday investment decision-making, which involves high-dimensional fine-grained action space; 2) how to learn meaningful multi-modality market representation to understand the intraday behaviors of the financial market at tick-level. Motivated by the efficient workflow of professional human intraday traders, we propose DeepScalper, a deep reinforcement learning framework for intraday trading to tackle the above challenges. Specifically, DeepScalper includes four components: 1) a dueling Q-network with action branching to deal with the large action space of intraday trading for efficient RL optimization; 2) a novel reward function with a hindsight bonus to encourage RL agents making trading decisions with a long-term horizon of the entire trading day; 3) an encoder-decoder architecture to learn multi-modality temporal market embedding, which incorporates both macro-level and micro-level market information; 4) a risk-aware auxiliary task to maintain a striking balance between maximizing profit and minimizing risk. Through extensive experiments on real-world market data spanning over three years on six financial futures, we demonstrate that DeepScalper significantly outperforms many state-of-the-art baselines in terms of four financial criteria.

LGSep 28, 2021
Reinforcement Learning for Quantitative Trading

Shuo Sun, Rundong Wang, Bo An

Quantitative trading (QT), which refers to the usage of mathematical models and data-driven techniques in analyzing the financial market, has been a popular topic in both academia and financial industry since 1970s. In the last decade, reinforcement learning (RL) has garnered significant interest in many domains such as robotics and video games, owing to its outstanding ability on solving complex sequential decision making problems. RL's impact is pervasive, recently demonstrating its ability to conquer many challenging QT tasks. It is a flourishing research direction to explore RL techniques' potential on QT tasks. This paper aims at providing a comprehensive survey of research efforts on RL-based methods for QT tasks. More concretely, we devise a taxonomy of RL-based QT models, along with a comprehensive summary of the state of the art. Finally, we discuss current challenges and propose future research directions in this exciting field.

LGFeb 16, 2021
RMIX: Learning Risk-Sensitive Policies for Cooperative Reinforcement Learning Agents

Wei Qiu, Xinrun Wang, Runsheng Yu et al.

Current value-based multi-agent reinforcement learning methods optimize individual Q values to guide individuals' behaviours via centralized training with decentralized execution (CTDE). However, such expected, i.e., risk-neutral, Q value is not sufficient even with CTDE due to the randomness of rewards and the uncertainty in environments, which causes the failure of these methods to train coordinating agents in complex environments. To address these issues, we propose RMIX, a novel cooperative MARL method with the Conditional Value at Risk (CVaR) measure over the learned distributions of individuals' Q values. Specifically, we first learn the return distributions of individuals to analytically calculate CVaR for decentralized execution. Then, to handle the temporal nature of the stochastic outcomes during executions, we propose a dynamic risk level predictor for risk level tuning. Finally, we optimize the CVaR policies with CVaR values used to estimate the target in TD error during centralized training and the CVaR values are used as auxiliary local rewards to update the local distribution via Quantile Regression loss. Empirically, we show that our method significantly outperforms state-of-the-art methods on challenging StarCraft II tasks, demonstrating enhanced coordination and improved sample efficiency.

AIDec 23, 2020
Deep Stock Trading: A Hierarchical Reinforcement Learning Framework for Portfolio Optimization and Order Execution

Rundong Wang, Hongxin Wei, Bo An et al.

Portfolio management via reinforcement learning is at the forefront of fintech research, which explores how to optimally reallocate a fund into different financial assets over the long term by trial-and-error. Existing methods are impractical since they usually assume each reallocation can be finished immediately and thus ignoring the price slippage as part of the trading cost. To address these issues, we propose a hierarchical reinforced stock trading system for portfolio management (HRPM). Concretely, we decompose the trading process into a hierarchy of portfolio management over trade execution and train the corresponding policies. The high-level policy gives portfolio weights at a lower frequency to maximize the long term profit and invokes the low-level policy to sell or buy the corresponding shares within a short time window at a higher frequency to minimize the trading cost. We train two levels of policies via pre-training scheme and iterative training scheme for data efficiency. Extensive experimental results in the U.S. market and the China market demonstrate that HRPM achieves significant improvement against many state-of-the-art approaches.

LGDec 9, 2020
MetaInfoNet: Learning Task-Guided Information for Sample Reweighting

Hongxin Wei, Lei Feng, Rundong Wang et al.

Deep neural networks have been shown to easily overfit to biased training data with label noise or class imbalance. Meta-learning algorithms are commonly designed to alleviate this issue in the form of sample reweighting, by learning a meta weighting network that takes training losses as inputs to generate sample weights. In this paper, we advocate that choosing proper inputs for the meta weighting network is crucial for desired sample weights in a specific task, while training loss is not always the correct answer. In view of this, we propose a novel meta-learning algorithm, MetaInfoNet, which automatically learns effective representations as inputs for the meta weighting network by emphasizing task-related information with an information bottleneck strategy. Extensive experimental results on benchmark datasets with label noise or class imbalance validate that MetaInfoNet is superior to many state-of-the-art methods.

LGAug 21, 2020
Learning to Collaborate in Multi-Module Recommendation via Multi-Agent Reinforcement Learning without Communication

Xu He, Bo An, Yanghua Li et al.

With the rise of online e-commerce platforms, more and more customers prefer to shop online. To sell more products, online platforms introduce various modules to recommend items with different properties such as huge discounts. A web page often consists of different independent modules. The ranking policies of these modules are decided by different teams and optimized individually without cooperation, which might result in competition between modules. Thus, the global policy of the whole page could be sub-optimal. In this paper, we propose a novel multi-agent cooperative reinforcement learning approach with the restriction that different modules cannot communicate. Our contributions are three-fold. Firstly, inspired by a solution concept in game theory named correlated equilibrium, we design a signal network to promote cooperation of all modules by generating signals (vectors) for different modules. Secondly, an entropy-regularized version of the signal network is proposed to coordinate agents' exploration of the optimal global policy. Furthermore, experiments based on real-world e-commerce data demonstrate that our algorithm obtains superior performance over baselines.

AINov 18, 2019
Inducing Cooperation via Team Regret Minimization based Multi-Agent Deep Reinforcement Learning

Runsheng Yu, Zhenyu Shi, Xinrun Wang et al.

Existing value-factorized based Multi-Agent deep Reinforce-ment Learning (MARL) approaches are well-performing invarious multi-agent cooperative environment under thecen-tralized training and decentralized execution(CTDE) scheme,where all agents are trained together by the centralized valuenetwork and each agent execute its policy independently. How-ever, an issue remains open: in the centralized training process,when the environment for the team is partially observable ornon-stationary, i.e., the observation and action informationof all the agents cannot represent the global states, existingmethods perform poorly and sample inefficiently. Regret Min-imization (RM) can be a promising approach as it performswell in partially observable and fully competitive settings.However, it tends to model others as opponents and thus can-not work well under the CTDE scheme. In this work, wepropose a novel team RM based Bayesian MARL with threekey contributions: (a) we design a novel RM method to traincooperative agents as a team and obtain a team regret-basedpolicy for that team; (b) we introduce a novel method to de-compose the team regret to generate the policy for each agentfor decentralized execution; (c) to further improve the perfor-mance, we leverage a differential particle filter (a SequentialMonte Carlo method) network to get an accurate estimation ofthe state for each agent. Experimental results on two-step ma-trix games (cooperative game) and battle games (large-scalemixed cooperative-competitive games) demonstrate that ouralgorithm significantly outperforms state-of-the-art methods.

AINov 16, 2019
Learning Efficient Multi-agent Communication: An Information Bottleneck Approach

Rundong Wang, Xu He, Runsheng Yu et al.

We consider the problem of the limited-bandwidth communication for multi-agent reinforcement learning, where agents cooperate with the assistance of a communication protocol and a scheduler. The protocol and scheduler jointly determine which agent is communicating what message and to whom. Under the limited bandwidth constraint, a communication protocol is required to generate informative messages. Meanwhile, an unnecessary communication connection should not be established because it occupies limited resources in vain. In this paper, we develop an Informative Multi-Agent Communication (IMAC) method to learn efficient communication protocols as well as scheduling. First, from the perspective of communication theory, we prove that the limited bandwidth constraint requires low-entropy messages throughout the transmission. Then inspired by the information bottleneck principle, we learn a valuable and compact communication protocol and a weight-based scheduler. To demonstrate the efficiency of our method, we conduct extensive experiments in various cooperative and competitive multi-agent tasks with different numbers of agents and different bandwidths. We show that IMAC converges faster and leads to efficient communication among agents under the limited bandwidth as compared to many baseline methods.