This paper investigates the relative importance of various attributes, including varietal, brands, and geographic origin, in explaining retail wine prices for the United States market. We use a metric based on the Shapely value, from cooperative game theory, in the context of an empirical hedonic price equation estimated using a large sample of retail wine sales for home consumption over the period 2007–2019. We find that brands alone explain more than 70% of the variation in wine prices, but geographic origin and varietals retain additional explanatory power. Furthermore, information about the geographic origin appears to be a considerably more important attribute than varietals.

This paper deals with the contest of the “vital functions” for superiority in the Bṛhadāraṇyaka Upaniṣad and the Chāndogya Upaniṣad, in the Aitareya Āraṇyaka and others. The paper concentrates on two particular approaches to deciding the superiority question, namely (i) singly leaving or entering (breath, sight, etc. leave one after another or enter one after another), and (ii) alternating withdrawal (breath leaves and returns, sight leaves and returns). The paper defends two claims. First, it can be shown that the commentators were aware of the generalizable nature of these two approaches. Second, these two approaches are closely related to the so-called Shapley value developed in cooperative game theory.

Inspired by socio-political scenarios, like dictatorships, in which a minority of people exercise control over a majority of weakly interconnected individuals, we propose vulnerability and power measures defined on groups of actors of networks. We establish an unexpected connection between network vulnerability and graph regularizability. We use the Shapley value of coalition games to introduce fresh notions of vulnerability and power at node level defined in terms of the corresponding measures at group level. We investigate the computational complexity of computing the defined measures, both at group and node levels, and provide effective methods to quantify them. Finally we test vulnerability and power on both artificial and real networks.

Shimer (Mismatch, American Economic Review 97, 1074–1101 [2007]) introduced a model of mismatch in which limited mobility of vacant jobs and unemployed workers provides a microfoundation for their coexistence in equilibrium. He assumed that the short side of a local labor market receives all the gains from trade. In this note I show that modifying this assumption on wage-setting can deliver more reasonable predictions for wages at the level of the local market and in the aggregate.

We suggest a new game-theory-based ranking method for wines, in which the Shapley Value of each wine is computed, and wines are ranked according to their Shapley Values. Judges should find it simpler to use, since they are not required to rank order or grade all the wines, but merely to choose the group of those that they find meritorious. Our ranking method is based on the set of reasonable axioms that determine the Shapley Value as the unique solution of an underlying cooperative game. Unlike in the general case, where computing the Shapley Value could be complex, here the Shapley Value and hence the final ranking, are straightforward to compute. (JEL Classification: C71, D71, D78)

Configurators have been generally accepted as important tools to elicit customers' needs and find the matches between customers' requirements and company's offerings. With product configurators, product design is reduced to a series of selections of attribute values. However, it has been acknowledged that customers are not patient enough to configure a long list of attributes. Therefore, making every round of configuring process productive and hence reducing the number of inputs from customers are of substantial interest to academic and industry alike. In this paper, we present an efficient product configuration approach by incorporating Shapley value, which is a concept used in game theory, to estimate the usefulness of each attribute in the configurator design. This new method iteratively selects the most relevant attribute that can contribute most in terms of information content from the remaining pool of unspecified attributes. As a result from product providers' perspective, each round of configuration can best narrow down the choices with given amount of time. The selection of the next round query is based on the customer's decision on the previous rounds. The interactive process thus runs in an adaptive manner that different customers will have different query sequences. The probability ranking principle is also exploited to give product recommendation to truncate the configuration process so that customers will not be burdened with trivial selection of attributes. Analytical results and numerical examples are also used to exemplify and demonstrate the viability of the method.