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The Shapley Value as a von Neumann-Morgenstern Utility

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  • Roth, Alvin E

Abstract

The Shapley value is shown to be avon Neumann-Morgenstern utility function. The concept of strategic risk is introduced, and it is shown that the Shapley value of agame equals its utility if and only if the underlying preferences are neutral to both ordinary and strategic risk.
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  • Roth, Alvin E, 1977. "The Shapley Value as a von Neumann-Morgenstern Utility," Econometrica, Econometric Society, vol. 45(3), pages 657-664, April.
  • Handle: RePEc:ecm:emetrp:v:45:y:1977:i:3:p:657-64
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    1. Roth, Alvin E, 1978. "The Nash Solution and the Utility of Bargaining," Econometrica, Econometric Society, vol. 46(3), pages 587-594, May.
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