Sequential Elimination and Union Shapley Value for Group Assessment in Coalitional Games
Piotr K\k{e}pczy\'nski, Oskar Skibski

TL;DR
This paper introduces the Union Shapley Value, a new method for assessing groups in coalitional games through sequential elimination, and analyzes its properties and relation to existing group values.
Contribution
It proposes the Union Shapley Value, studies its axiomatic properties, and clarifies the differences between existing group assessment methods in coalitional games.
Findings
The Union Shapley Value is a natural extension of player values to groups.
Most semivalues are order-independent in the sequential elimination approach.
The paper connects the Union Shapley Value with existing notions like the Interaction Index.
Abstract
Two straightforward methods to extend an assessment of individual elements to groups are to sum individual assessments or to treat the group as a single merged element and assess it accordingly. In this work, we analyze another natural approach based on sequential elimination: elements of the group are removed one by one, and their assessments are aggregated. We study this approach in the context of coalitional games and show that, for almost all semivalues, it does not depend on the order of players. In particular, we introduce a new group value, called the Union Shapley Value, and investigate its axiomatic properties. Our results build on a comprehensive analysis of group values in coalitional games. Specifically, we define a class of group (weak consistent) semivalues - a variant of semivalues satisfying a weak form of monotonicity. This framework allows us to clarify the…
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Taxonomy
TopicsMerger and Competition Analysis · Corporate Finance and Governance
