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1 results

  • Shapley Ranking of Wines*

  • Victor Ginsburgh, Israël Zang
  • Journal:
    Journal of Wine Economics / Volume 7 / Issue 2 / November 2012
    Published online by Cambridge University Press:
    25 February 2013, pp. 169-180

  • 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)