A New Weight Scheme for the Shapley Value
It is well known since Owen (Manag. Sci. 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 characterizations of this new value are proposed: one including the weights in the axioms and one without.
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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.
- Nowak, A.S. & Radzik, T., 1995. "On axiomatizations of the weighted Shapley values," Games and Economic Behavior, Elsevier, vol. 8(2), pages 389-405.
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