Shapley Value

Sergiu Hart

(Acrobat PDF file)

The Shapley value is an a priori evaluation of the prospects of a player in a multi-person game. Introduced by Lloyd S. Shapley in 1953, it has become a central solution concept in cooperative game theory. The Shapley value has been applied to economic, political, and other models.
Revision of an article which originally appeared in The New Palgrave: A Dictionary of Economics, 1987, J. Eatwell, M. Milgate and P. Newman (editors), Macmillan Press, Vol. 4, 318-320.