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Shapley ranking of wines

Author

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  • GINSBURGH, Victor
  • ZANG, Israël

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. (JEL Classification: C71, D71, D78)
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Suggested Citation

  • GINSBURGH, Victor & ZANG, Israël, 2012. "Shapley ranking of wines," CORE Discussion Papers RP 2509, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  • Handle: RePEc:cor:louvrp:2509
    Note: In : Journal of Wine Economics, 7(2), 169-180, 2012
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    References listed on IDEAS

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    1. Leonard J. Mirman & Yair Tauman, 1982. "Demand Compatible Equitable Cost Sharing Prices," Mathematics of Operations Research, INFORMS, vol. 7(1), pages 40-56, February.
    2. Robert J. Weber, 1995. "Approval Voting," Journal of Economic Perspectives, American Economic Association, vol. 9(1), pages 39-49, Winter.
    3. Ginsburgh, Victor & Zang, Israel, 2003. "The museum pass game and its value," Games and Economic Behavior, Elsevier, vol. 43(2), pages 322-325, May.
    4. Martin J. Osborne & Ariel Rubinstein, 1994. "A Course in Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262650401, March.
    5. Quandt, Richard E., 2006. "Measurement and Inference in Wine Tasting," Journal of Wine Economics, Cambridge University Press, vol. 1(01), pages 7-30, March.
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    Cited by:

    1. Ginsburgh, Victor & Moreno-Ternero, Juan D. & Weber, Shlomo, 2017. "Ranking languages in the European Union: Before and after Brexit," European Economic Review, Elsevier, vol. 93(C), pages 139-151.
    2. Victor Ginsburgh, 2016. "On Judging Art and Wine," Working Papers ECARES ECARES 2016-21, ULB -- Universite Libre de Bruxelles.
    3. Pierre Dehez & Victor Ginsburgh, 2018. "Approval Voting and Shapley Ranking," Working Papers ECARES 2018-09, ULB -- Universite Libre de Bruxelles.

    More about this item

    JEL classification:

    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation

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