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GROUP SHAPLEY VALUE AND COUNTERFACTUAL SIMULATIONS IN A STRUCTURAL MODEL

Yongchan Kwon, Sokbae (Simon) Lee and Guillaume A. Pouliot

Papers from arXiv.org

Abstract: We propose a variant of the Shapley value, the group Shapley value, to
interpret counterfactual simulations in structural economic models by
quantifying the importance of different components. Our framework compares two
sets of parameters, partitioned into multiple groups, and applying group Shapley
value decomposition yields unique additive contributions to the changes between
these sets. The relative contributions sum to one, enabling us to generate an
importance table that is as easily interpretable as a regression table. The
group Shapley value can be characterized as the solution to a constrained
weighted least squares problem. Using this property, we develop robust
decomposition methods to address scenarios where inputs for the group Shapley
value are missing. We first apply our methodology to a simple Roy model and then
illustrate its usefulness by revisiting two published papers.

Date: 2024-10
New Economics Papers: this item is included in nep-gth
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