The Shapley value without efficiency and additivity
- We provide a new characterization of the Shapley value neither using the efficiency axiom nor the additivity axiom. In this characterization, efficiency is replaced by the gain-loss axiom (Einy and Haimanko, 2011, Game Econ Behav 73: 615.621), i.e., whenever the total worth generated does not change, a player can only gain at the expense of another one. Additivity and the equal treatment axiom are substituted by fairness (van den Brink, 2001, Int J Game Theory 30: 309.319) or differential marginality (Casajus, 2011, Theor Decis 71: 163.174), where the latter requires equal productivity differentials of two players to translate into equal payoff differentials. The third axiom of our characterization is the standard dummy player axiom.
| Document Type: | Working Paper |
|---|---|
| Language: | English |
| Author: | André Casajus |
| Chairs and Professorships: | Chair of Economics and Information Systems |
| Parent Title (English): | HHL Working paper |
| Series (Serial Number): | HHL-Arbeitspapier / HHL Working paper (122) |
| Place of publication: | Leipzig |
| Publisher: | HHL Leipzig Graduate School of Management |
| Year of Completion: | 2013 |
| Page Number: | 12 |
| Tag: | Additivity; Differential marginality; Effciency; Fairness; Gain-loss axiom; Shapley value |
| Licence (German): |  Urheberrechtlich geschützt |