It is well known since Owen (Management Science, 1968) that the weights in the weighted Shapley value cannot be interpreted as a measure of power (i.e. of the ability to bargain) of the players. This paper proposes a new weight scheme for the Shapley value. Weights in this framework have to be interpreted as a measure of bargaining power. Two different axiomatic characterization of this new value are proposed: one including the weights in the axioms and one without.
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Length: 11 pages Date of creation: 15 Jul 1998 Date of revision: Handle: RePEc:wpa:wuwpga:9807001
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Ehud Kalai & Dov Samet, 1983.
"On Weighted Shapley Values,"
Discussion Papers
602, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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