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Potential, Value And Probability


  • Federico Valenciano

    () (Universidad del País Vasco)

  • Annick Laruelle

    (Universidad de Alicante)


This paper focuses on the probabilistic point of view and proposes a extremely simple probabilistic model that provides a single and simple story to account for several extensions of the Shapley value, as weighted Shapley values, semivalues, and weak (weighted or not) semivalues, and the Shapley value itself. Moreover, some of the most interesting conditions or notions that have been introduced in the search of alternatives to Shapley's seminal characterization, as 'balanced contributions' and the 'potential', are reinterpreted from this same point of view. In this new light these notions and some results lose their 'mystery' and acquire a clear and simple meaning. These illuminating reinterpretations strongly vindicate the complementariness of the probabilistic and the axiomatic approaches, and shed serious doubts about the achievements of the axiomatic approach since Nash's and Shapley's seminal papers in connection with the genuine notion of value.

Suggested Citation

  • Federico Valenciano & Annick Laruelle, 2003. "Potential, Value And Probability," Working Papers. Serie AD 2003-01, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  • Handle: RePEc:ivi:wpasad:2003-01

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    References listed on IDEAS

    1. Pradeep Dubey & Abraham Neyman & Robert James Weber, 1981. "Value Theory Without Efficiency," Mathematics of Operations Research, INFORMS, vol. 6(1), pages 122-128, February.
    2. Federico Valenciano & Annick Laruelle, 2002. "Assessment Of Voting Situations: The Probabilistic Foundations," Working Papers. Serie AD 2002-22, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    3. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April.
    4. Ehud Kalai & Dov Samet, 1983. "On Weighted Shapley Values," Discussion Papers 602, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    5. Roth, Alvin, 2012. "The Shapley Value as a von Neumann-Morgenstern Utility," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 6, pages 1-9.
    6. Hart, Sergiu & Mas-Colell, Andreu, 1989. "Potential, Value, and Consistency," Econometrica, Econometric Society, vol. 57(3), pages 589-614, May.
    7. Robert J. Weber, 1977. "Probabilistic Values for Games," Cowles Foundation Discussion Papers 471R, Cowles Foundation for Research in Economics, Yale University.
    8. Federico Valenciano & Annick Laruelle, 2000. "- Power Indices And The Veil Of Ignorance," Working Papers. Serie AD 2000-13, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    9. Robert J. Weber, 1979. "Subjectivity in the Valuation of Games," Cowles Foundation Discussion Papers 515, Cowles Foundation for Research in Economics, Yale University.
    10. Feltkamp, Vincent, 1995. "Alternative Axiomatic Characterizations of the Shapley and Banzhaf Values," International Journal of Game Theory, Springer;Game Theory Society, vol. 24(2), pages 179-186.
    11. Roth, Alvin E., 1977. "Utility functions for simple games," Journal of Economic Theory, Elsevier, vol. 16(2), pages 481-489, December.
    12. E. Calvo & Juan Carlos Santos, 2000. "Weighted weak semivalues," International Journal of Game Theory, Springer;Game Theory Society, vol. 29(1), pages 1-9.
    13. Calvo, Emilio & Santos, Juan Carlos, 1997. "Potentials in cooperative TU-games," Mathematical Social Sciences, Elsevier, vol. 34(2), pages 175-190, October.
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    More about this item


    Coalition games; value; potential;

    JEL classification:

    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations


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