 Lloyd Shapley

Lloyd Shapley was a mathematician whose work helped shape game theory and the mathematical study of matching markets. His research on stable matching with David Gale supplied an existence theorem and a constructive procedure, while the Shapley value gives a systematic way to allocate the value created by cooperation.^[ref] The Shapley value averages each participant's marginal contribution over all orders in which a group might form. This makes a fairness rule precise through combinatorics, rather than selecting a division solely by bargaining strength or an arbitrary order of arrival.

A mathematician.^[ref]

Lloyd Shapley was an influential American mathematician and economist, renowned for his work in game theory, particularly in the areas of cooperative games and the Shapley value, which assigns a value to each player based on their contribution to the overall payoff. His contributions have had a significant impact on economics, political science, and evolutionary biology. Shapley was awarded the Nobel Memorial Prize in Economic Sciences in 2012, jointly with Alvin E.