Shapley-based estimation of company value—concept, algorithms and parameters

Abstract

The aim of the article is to propose a new method of valuation of a company, considering its ownership relations with other companies. For this purpose, the concept of the Shapley value from cooperative game theory is used as the basis for assessing such dependent companies. The paper presents proposals for Shapley value calculation algorithms for our model. We expand our model by discussing personal relations in addition to ownership relations and point out how intuitionistic fuzzy sets may be helpful in this context. As a result, we propose two new expanded models. In the first probabilistic model, we apply Pearson’s correlation coefficient, in the second, we use a correlation coefficient between intuitionistic fuzzy sets to determine the personal relationships. Finally, we present and interpret results for a real-world economic network with 17 companies.