The Shapley Value

The purpose of this chapter is to present an important solution concept for cooperative games, due to Lloyd S. Shapley (Shapley (1953)). In the first part, we will be looking at the transferable utility (TU) case, for which we will state the main theorem and study several examples. Afterwards, we will extend the axiomatic construction to the non-transferable utility (NTU) case.

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