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Shapley, Lloyd S.(1923)

Manel Baucells () and Cheng-Zhong Qin

from Palgrave Macmillan

Abstract: Lloyd Shapley is considered one of the pioneers of game theory. His most prominent contributions are the inception and study of value theory and core theory. These two theories are the key to solving problems involving the allocation of goods or payoffs achievable through cooperation. Shapley’s contributions have led to a broad range of important achievements, such as the exploration of stable solutions for matching and exchange, the measurement of power and a deeper understanding of market economies. His contributions to non-cooperative game theory include the introduction of stochastic games, strategic market games and potential games. Shapley shared with Alvin E. Roth the 2012 Nobel Prize in Economic Sciences.

Keywords: assignment; bargaining theory; coalitions; cooperative game theory; core; cost allocation; deferred-acceptance algorithm; game theory; incomplete preferences; matching; ordinal solutions; potential games; Shapley; Shapley value; stochastic games; utility categories (search for similar items in EconPapers)
JEL-codes: C7 C71 C72 C73 C78 D5 D51 D58 (search for similar items in EconPapers)
Date: 2013
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