A NEW COALITIONAL VALUE

We propose a modification of the Shapley value for monotonic games with a coalition structure. The resulting coalitional value is a twofold extension of the Shapley value in the following sense: (1) the amount obtained by any union coincides with the Shapley value of the union in the quotient game; and (2) the players of the union share this amount proportionally to their Shapley value in the original game (i.e., without unions). We provide axiomatic characterizations of this value close to those existing in the literature for the Owen value and in-clude applications to coalition formation in bankruptcy and voting problems