Fair Division Assignment Modern Math These questions are designed to help you practice the fair division topics from class. You may want to do work on a separate piece of paper The application of any fair division method requires certain assumptions. For example the success of the method of sealed bids requires that each heir place a value on each object in the estate. If any heir considers an object priceless, the method will fail. List at least one other assumption that is necessary for the method of sealed bids to work and explain why it's necessary 2. Suppose that Garfield and Marmaduke are heirs to an estate that contains only a house They decide to use the method of sealed bids, where Garfield bids $70,000 and Marmaduke bids $60,000 a) What does Garfield feel is a fair share? How about Marmaduke? b) Who will receive the house in the initial allotment? c) How much of a surplus will the estate receive? d) Describe the final allotment in this settlement Amy, Bender, Leela, and Scruffy are heirs to an estate that consists of a silk-screen of Elvis painting, a suped-up" motor boat, and a prize winning cow named Bootsy. They submit the bids below. Use the method of sealed bids to completely divide the estate between the heirs Elvis Painting Motor Boat Bootsy, the Cow Am $6,000 $8,000 $400 Bender $3,000 $10,000 200 Leela $2,000 $9,000 $1,000 Scruff $4,000 $11,000 4 Descibe the difference between a discrefe fair division problem and a confinuous fair division problem. Give examples of each