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Math / Excursions in Modern Mathematics: Pearson New International Edition 8 / Chapter 3 / Problem 31

Excursions in Modern Mathematics: Pearson New International Edition | 8th Edition | ISBN: 9781292022048 | Authors: Peter Tannenbaum

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Four partners (Egan, Fine, Gong, and Hart) jointly own a piece of land with a market

Chapter 3, Problem 31

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QUESTION:

Four partners (Egan, Fine, Gong, and Hart) jointly own a piece of land with a market value of $480,000. The partnership is breaking up, and the partners decide to divide the land among themselves using the lone-divider method. Using a map, the divider divides the property into four parcels s1, s2, s3, and s4. Table 22 shows the value of some of the parcels in the eyes of each partner. (a) Who was the divider? Explain. (b) Determine each choosers bid. (c) Find a fair division of the property.

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QUESTION:

Four partners (Egan, Fine, Gong, and Hart) jointly own a piece of land with a market value of $480,000. The partnership is breaking up, and the partners decide to divide the land among themselves using the lone-divider method. Using a map, the divider divides the property into four parcels s1, s2, s3, and s4. Table 22 shows the value of some of the parcels in the eyes of each partner. (a) Who was the divider? Explain. (b) Determine each choosers bid. (c) Find a fair division of the property.

ANSWER:

Step 1 of 4

The problem is solved by Lone-Divider Method for More Than Three Players as follows:

a) The divider is found as follows:

The value of the share for Egan is:

The value of the share for Fine is:

The value of the share for Hart is:

The values for Gong cannot be found.

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