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Modifications of several axiomatizations of the Shapley value by weakening the efficiency axiom

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  • Shan, Erfang
  • Kang, Liying
  • Shi, Jilei

Abstract

The Shapley value is one of the most popular allocation rules for cooperative games. In this paper we modify several well-known axiomatizations of the Shapley value in the literature by relaxing the efficiency axiom to the gain-loss axiom.

Suggested Citation

  • Shan, Erfang & Kang, Liying & Shi, Jilei, 2025. "Modifications of several axiomatizations of the Shapley value by weakening the efficiency axiom," Economics Letters, Elsevier, vol. 256(C).
    • Handle: RePEc:eee:ecolet:v:256:y:2025:i:c:s0165176525004203
    DOI: 10.1016/j.econlet.2025.112583
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    References listed on IDEAS

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    1. Besner, Manfred, 2022. "Disjointly productive players and the Shapley value," Games and Economic Behavior, Elsevier, vol. 133(C), pages 109-114.
    2. Chun-Ting Chen & Wei-Torng Juang & Ching-Jen Sun, 2024. "Cross invariance, the Shapley value, and the Shapley–Shubik power index," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 62(2), pages 397-418, March.
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    JEL classification:

    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games

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