What is Lloyd Shapley most known for in game theory?
Nash Equilibrium
Shapley Value
Minimax Theorem
Prisoner's Dilemma
Answer
Shapley Value is a solution concept in game theory that fairly distributes the gains from cooperation among players. It is named after Lloyd Shapley, who developed it in 1953. The Shapley Value assigns each player a value that represents their contribution to the overall outcome of the game. It is a widely used method for allocating resources and determining fair outcomes in cooperative games.
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