Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/87397
Authors: 
Manuel, Conrado
Gonzalez-Aranguena, Enrique
van den Brink
Year of Publication: 
2012
Series/Report no.: 
Tinbergen Institute Discussion Paper 12-036/1
Abstract: 
In this paper we provide new axiomatizations of the Shapley value for TU-games using axioms that are based on relational aspects in the interactions among players. Some of these relational aspects, in particular the economic or social interest of each player in cooperating with each other, can be found embedded in the characteristic function. We define a particular relation among the players that it is based on mutual indifference. The first new axiom expresses that the payoffs of two players who are not indifferent to each other are affected in the same way if they become enemies and do not cooperate with each other anymore. The second new axiom expresses that the payoff of a player is not affected if players to whom it is indifferent leave the game. We show that the Shapley value is characterized by these two axioms together with the well-known efficiency axiom. Further, we show that another axiomatization of the Shapley value is obtained if we replace t he second axiom and efficiency by the axiom which applies the efficiency condition to every class of indifferent players. Finally, we extend the previous results to the case of weighted Shapley values.
Subjects: 
TU-game
Shapley value
axiomatization
indifferent players
weighted Shapley values
JEL: 
C71
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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