Lloyd Shapley co-developed a solution concept in game theory called?
Shapley-Shubik Power Index
Arrow's Impossibility Theorem
Bellman Equation
Fisher's Principle
Answer
The Shapley-Shubik Power Index, co-developed by Lloyd Shapley, measures the power of individual players in a voting game. It calculates the average contribution of each player to the winning coalitions, considering all possible combinations. This index provides a quantitative assessment of a player's influence in shaping the outcome of the game.
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