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This paper argues that the control action provided by power system stabilizers (PSSs) be considered as an ancillary service and proposes a method for evaluating the contribution of each PSS to system stability and the system savings thus resulting. Therefore, it is of importance to appropriately choose a criterion to assess the performance of each PSS, so that a proper allocation of savings can eventually be attained. For a more comprehensive assessment of power system behavior, various performance criteria are implemented and, ultimately, a composite savings allocation function is constructed. A cooperative game theory based approach using the Shapley value concept is developed in this paper to identify the marginal contribution of each PSS to the total control effort. Accordingly, the method outlines appropriate allocation of payment to each generator involved in providing the PSS-control. Additionally, in order to test the robustness of the allocation thus evolved, a set of contingencies is considered to determine if and how the allocation would be affected.