Game Theory and the Shapley Value Applied to a Vessel's Drydocking

Vessels typically have to be drydocked every 3 or 4 years. These drydockings mean an increase in costs and a reduction in revenues as a result of the time the vessels remain drydocked. Faster completion of these drydockings involves advantages for the shipowner, because ships can enter markets early and create additional revenues. In project management there are many situations in which cooperative behavior of all those involved in it may result in the interest of the firms carrying out a project. The method adopted for allocating the benefits or costs of this cooperation among the firms will affect the willingness of these firms to remain active in the coalition. In this article, the Shapley value is applied to fair allocation of gains obtained by cooperation among several firms carrying out a vessel drydocking who form a coalition to expedite it.