Lloyd Stowell Shapley (June 2, 1923 – March 12, 2016) was an American mathematician and economist who was awarded the Nobel Prize in Economic Sciences in 2012. Shapley made significant contributions to both fields, particularly in the areas of cooperative game theory and market design. Here are some key points about Lloyd Shapley:
Early Life and Education: Lloyd Shapley was born in Cambridge, Massachusetts. His father, the renowned astronomer Harlow Shapley, influenced his early interest in science. Shapley studied mathematics at Harvard University, earning his Ph.D. in 1953 under the supervision of David Gale.
Cooperative Game Theory: Shapley's most notable contributions were in the field of cooperative game theory. He developed the concept of the Shapley value, a solution concept for fair distribution of gains in cooperative games. The Shapley value considers the marginal contribution of each player to all possible coalitions within a game.
Shapley–Shubik Power Index: In collaboration with Martin Shubik, Shapley introduced the Shapley–Shubik power index, a measure of the power or influence of a player in a voting system. This index is widely used in political science and economics.
Nobel Prize in Economic Sciences (2012): Lloyd Shapley was awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2012, jointly with Alvin E. Roth. The Nobel Committee recognized their work on market design and matching theory, which has practical applications in various real-world situations, including school choice and organ donation.
Academic Career: Shapley held academic positions at several prestigious institutions, including the RAND Corporation, Princeton University, and the University of California, Los Angeles (UCLA).
Other Contributions: In addition to his work in game theory and economics, Shapley made contributions to mathematical economics, mathematical psychology, and combinatorics.
Legacy: Lloyd Shapley's research had a profound impact on various fields, and his ideas continue to be influential in economics, mathematics, and computer science.
Lloyd Shapley passed away on March 12, 2016, leaving behind a legacy of innovative and influential contributions to game theory and economics.
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