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Fair Division: Method of Sealed Bids (Kastner Inheritance)

Fair Division: Method of Sealed Bids (Kastner Inheritance). The 5 of us have inherited 4 incredible items from a long lost relative . ... Unfortunately, there are not enough items, and the items have different values for different people.

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Fair Division: Method of Sealed Bids (Kastner Inheritance)

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  1. Fair Division: Method of Sealed Bids (Kastner Inheritance)

  2. The 5 of us have inherited 4 incredible items from a long lost relative ... ... Unfortunately, there are not enough items, and the items have different values for different people. How can we divide these prizes fairly amongst the 5 of us?

  3. Some assumptions... • Everything has a monetary value. • The monetary value is the most money one would willingly pay for the item. • Everyone values items differently. • Receiving an item is as satisfying as receiving the monetary value for the item instead. • Everyone has enough money to pay for the monetary values of all items. • Players' bids are honest and secret.

  4. Now, for the prizes up for bid... • Come up with a monetary value for each item within your cluster. • Bid honestly. • Do not over bid - you might have to end up paying for it! • Do not under bid - you might feel envious of other players after the bidding is revealed. • Without further adieu...

  5. The first item we've inherited is... Place your bids!

  6. After showing your guests around the new cottage, you can hit the lake on your new... Place your bids!

  7. After a day on the boat, relax in your new... Place your bids!

  8. Cruise on over to dinner in your ... Place your bids!

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