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Shapley Value And Disadvantageous Monopoly

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  • Gardner, Roy

Abstract

The implication seemed to be that the Shapley value would be significant in accounting for monopoly power if it turned out that the Shapley value turned up no disadvantageous monopolies. The examples of [4, 7] lend credence to this expectation, [7] in a production context, [4] in an exchange context. There it turned out that in a large economy monopoly, as appraised by the Shapley value, definitely was advantageous. The major result of this paper is that, when these examples are generalized, it is no longer necessary that every monopoly conceivable in a given situation have a higher Shapley value than its competitive counterpart. In accounting for monopoly power, the Shapley value appears to have a limited success.

Suggested Citation

  • Gardner, Roy, 1976. "Shapley Value And Disadvantageous Monopoly," ISU General Staff Papers 197610010700001041, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genstf:197610010700001041
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    References listed on IDEAS

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    1. Shitovitz, Benyamin, 1973. "Oligopoly in Markets with a Continuum of Traders," Econometrica, Econometric Society, vol. 41(3), pages 467-501, May.
    2. Aumann, Robert J., 1973. "Disadvantageous monopolies," Journal of Economic Theory, Elsevier, vol. 6(1), pages 1-11, February.
    3. L. S. Shapley & Martin Shubik, 1967. "Ownership and the Production Function," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 81(1), pages 88-111.
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