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Shapley, Lloyd S.(1923)

Author

Listed:
  • Manel Baucells Raul Lejano
  • Cheng-Zhong Qin

Abstract

Lloyd Shapley is considered one of the pioneers of game theory. His most prominent contributions are the inception and study of value theory and core theory. These two theories are the key to solving problems involving the allocation of goods or payoffs achievable through cooperation. Shapley’s contributions have led to a broad range of important achievements, such as the exploration of stable solutions for matching and exchange, the measurement of power and a deeper understanding of market economies. His contributions to non-cooperative game theory include the introduction of stochastic games, strategic market games and potential games. Shapley shared with Alvin E. Roth the 2012 Nobel Prize in Economic Sciences.

Suggested Citation

  • Manel Baucells Raul Lejano & Cheng-Zhong Qin, 2013. "Shapley, Lloyd S.(1923)," The New Palgrave Dictionary of Economics,, Palgrave Macmillan.
    • Handle: RePEc:pal:dofeco:v:7:year:2013:doi:3905
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    More about this item

    Keywords

    assignment; bargaining theory; coalitions; cooperative game theory; core; cost allocation; deferred-acceptance algorithm; game theory; incomplete preferences; matching; ordinal solutions; potential games; Shapley; Shapley value; stochastic games; utility categories;
    All these keywords.

    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
    • C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models

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