Exam 13: Fair Division

Three people must make a fair division of four objects. Using the Knaster inheritance procedure, the value each person places on the objects is shown below. A B C Object 1 160 320 360 Object 2 280 370 350 Object 3 430 260 160 Object 4 420 270 130 What is the division of the objects?

Use the following information to answer the Questions: Suppose Kim and Chris want to take turns, using the bottom-up strategy, to allocate several textbooks currently held jointly. Their ranked preferences are listed below: Chris botany sociology physiology biology ecology chemistry Kim biology chemistry botany sociology ecology physiology -If Chris chooses first, what is Kim's first choice?

Describe the waiting time criteria in arriving at a final ranking of those needing a kidney.

Chris and Terry must make a fair division of a stereo, television, and microwave. They place point values on the objects as shown below. Using the adjusted winner procedure, what does Terry receive? Object Chris's points Terry's point Stereo 25 45 Television 60 35 Microwave 15 20

Andi and Toni must make fair division of a car, a house, and a boat. The point values they place on the objects are given below. Using the adjusted winner procedure, what point value does Andi end with? Object Andi's points Toni's points Car 35 45 House 40 30 Boat 25 25

Jen and Lynn must make a fair division of four objects inherited from their great aunt. Using the adjusted winner procedure, what does Lynn end up with? Object Jen's points Lynn's points Dinnerware 30 35 Silver 15 45 Jewelry 35 10 Photographs 20 10

Use the following information to answer the Questions: Three children must make fair division of a painting and sculpture left them by their mother. Using the Knaster inheritance procedure, the value each child places on the objects is shown below. Object A B C Painting \ 4000 \ 6300 \ 6000 Sculpture \ 2300 \ 1800 \ 2400 -Who gets the sculpture?

Four people must make a fair division of two classic cars. They use the Knaster inheritance procedure. Their bids are shown below: A B C D T-Bird 60,000 90,000 50,000 50,000 Mustang 70,000 45,000 100,000 80,000 What is the division of the objects?

Use the following information to answer the Questions: Suppose Kim and Chris want to take turns, using the bottom-up strategy, to allocate several textbooks currently held jointly. Their ranked preferences are listed below: Chris botany sociology physiology biology ecology chemistry Kim biology chemistry botany sociology ecology physiology -If Chris chooses first, when is the chemistry book chosen?

Use the following information to answer the Questions: Suppose Kim and Chris want to take turns, using the bottom-up strategy, to allocate several textbooks currently held jointly. Their ranked preferences are listed below: Chris botany sociology physiology biology ecology chemistry Kim biology chemistry botany sociology ecology physiology -If Chris chooses first, when is the ecology book chosen?

Use the following information to answer the Questions: Tom and Huck need to paint a fence and agree to use a modification of the divide-and-choose procedure to make a fair division of the chore. The boys' views of the fence are shown below. (Remember, each boy wants to end up with the smallest possible amount to paint.) -If Tom divides, will Huck choose the piece he believes is larger or smaller in modifying the procedure?

Use the following information to answer the Questions Jack and Jill went up the hill and found an antique water pail. Jack and Jill must now make a fair division of the pail using the Knaster inheritance procedure. Jack bids $80 for the value of the pail and Jill bids $65. -What is the outcome of the fair division?

Use the following information to answer the Questions At the end of the lease on their apartment, Toni and Terry decide to rent separate places and so must make a fair division of the property they purchased together. The items to be divided and the point values each person places on them are given below. Item Toni's points Terry's points CD player 15 20 Sofa 30 25 Microwave 20 25 TV 35 30 -If Toni and Terry use the adjusted winner procedure to divide the property, who gets the microwave?

What does Chris have at the end of the process?

David and Max purchased raffle tickets together and, to their surprise, won three prizes. Now they must make a fair division of their winnings. If David and Max use the adjusted winner procedure, how many points of value will each person think they end up with? Object David's points Max's points Fly rod 50 45 Fly-fishing lessons 10 35 100 hand-tied flies 40 20

Which statement is not correct for a Vickery auction?

Use the following information to answer the Questions Albert, Bella, Cosmo, and Dante inherit their grandmother's estate, which consists of a rare first- edition novel and a piano. The dollar values that each heir places on the items are as follows: Novel 10,000 6,000 Piano 2,000 5,000 500 100 4,000 100 Use the Knaster inheritance procedure to divide the property. -Who gets the novel?

Tom and Jerry must rake all the leaves in a yard. They each view the yard as shown below and agree to divide the chore by the divide-and-choose method. Tom will divide the yard in two parts and Jerry will choose the side he has to rake. Describe the results of this fair division.

John, Ken, and Linda inherit a painting. Their monetary bids on the painting are $25,200, $21,600, and $18,000, respectively. If Linda had known of John and Ken's evaluations in advance, should she have changed her own evaluation?

Four heirs need to make a fair division of the property left in an estate. The objects and the point values assigned to them are given below. If the heirs want to use the trimming procedure, with the order Chris, Kelly, Dana, and Kim, would the house need to be sold? Object Chris's points Kelly's points Dana's points Kim's points House 20 25 18 25 Car 10 12 10 5 Painting 10 8 12 15 Fumiture 5 10 10 5 Money 55 45 50 50