Lloyd Shapley's influence is particularly noted in which area of economics?
Labor Economics
Market Design
Health Economics
International Trade
Answer
Market Design is the area of economics where Lloyd Shapley's influence is most notable. This field focuses on designing markets and mechanisms to allocate resources efficiently and fairly. Shapley's contributions to game theory and cooperative game theory have provided foundational concepts for market design, including the Shapley value, which determines the fair distribution of benefits among participants in a cooperative game.
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