  Einstein-Podolsky-Rosen (EPR) steering is often (implicitly or explicitly)
taken to be evidence for spooky action-at-a-distance. An alternative
perspective on steering is that Alice has no causal influence on the physical
state of Bob's system; rather, Alice merely updates her knowledge of the state
of Bob's system by performing a measurement on a system correlated with his. In
this work, we elaborate on this perspective (from which the very term
'steering' is seen to be inappropriate), and we are led to a resource-theoretic
treatment of correlations in EPR scenarios. For both bipartite and multipartite
scenarios, we develop the resulting resource theory, wherein the free
operations are local operations and shared randomness (LOSR). We show that
resource conversion under free operations in this paradigm can be evaluated
with a single instance of a semidefinite program, making the problem
numerically tractable. Moreover, we find that the structure of the pre-order of
resources features interesting properties, such as infinite families of
incomparable resources. In showing this, we derive new EPR resource monotones.
We also discuss advantages of our approach over a pre-existing proposal for a
resource theory of 'steering', and discuss how our approach sheds light on
basic questions, such as which multipartite assemblages are classically
explainable.
