The Shapley value without efficiency and additivity

André Casajus

No 114, Working Papers from University of Leipzig, Faculty of Economics and Management Science

Abstract: We provide a new characterization of the Shapley value neither using the efficiency axiom nor the additivity axiom. In this characterization, efficiency is replaced by the gain-loss axiom (Einy and Haimanko, 2011, Game Econ Behav 73: 615-621), i.e., whenever the total worth generated does not change, a player can only gain at the expense of another one. Additivity and the equal treatment axiom are substituted by fairness (van den Brink, 2001, Int J Game Theory 30: 309-319) or differential marginality (Casajus, 2011, Theor Decis 71: 163-174), where the latter requires equal productivity differentials of two players to translate into equal payoff differentials. The third axiom of our characterization is the standard dummy player axiom.

Keywords: shapley value; gain-loss axiom; differential marginality; efficiency; additivity (search for similar items in EconPapers)
JEL-codes: C71 D60 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:zbw:leiwps:114

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