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Shapley Ranking of Wines

Victor Ginsburgh () and Israel Zang ()

No ECARES 2012-051, Working Papers ECARES from ULB -- Universite Libre de Bruxelles

Abstract: We suggest a new game-theory-based ranking method for wines, in which the Shapley Value of each wine is computed, and wines are ranked according to their Shapley Values. Judges should find it simpler to use, since they are not required to rank order or grade all the wines, but merely to choose the group of those that they find meritorious. Our ranking method is based on the set of reasonable axioms that determine the Shapley Value as the unique solution of an underlying cooperative game. Unlike in the general case, where computing the Shapley Value could be complex, here the Shapley Value and hence the final ranking, are straightforward to compute.

Keywords: Shapley value; ranking of wines; wine contests (search for similar items in EconPapers)
JEL-codes: C71 D71 D78 (search for similar items in EconPapers)
Date: 2012-12
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