Shapley effects are attracting increasing attention as sensitivity measures. When the value function is the conditional variance, they account for the individual and higher order effects of a model input. They are also well defined under model input dependence. However, one of the issues associated with their use is computational cost. We present a new algorithm that offers major improvements for the computation of Shapley effects, reducing computational burden by several orders of magnitude (from k! • k to 2 k , where k is the number of inputs) with respect to currently available implementations. The algorithm works in the presence of input dependencies. The algorithm also makes it possible to estimate all generalized (Shapley-Owen) effects for interactions.