# Fair Shares.............

May 26th, 2015
DreamIt
Category:
Mathematics
Price: \$10 USD

Question description

The Center City Anuraphilic (frog lovers) society has fallen on hard times. Abraham, Bobby and Charlene are the only remaining members and each feels equally entitled to take possession of the society’s collection of live rare tropical frogs. The decision is made to use the method of sealed bids and fair shares to decide who will take possession of the entire collection and how much will be paid in compensation to the other members.

Abraham unseals his estimate of the value of the collection at \$12,000.00. Bobby’s estimate of the value of the collection is \$6,000.00. Charlene values the collection at \$9,000.00.

• Who receives the collection of frogs?
• What is each person’s fair share of the monetary value of the collection?
• Why is the monetary amount of each fair share different?
• How much money is owed to each of the two people who do not “win” the collection of frogs?
• In your opinion how “Fair” is the process described above?

Now pretending for a moment that you like frogs, we will insert you into the situation under special circumstances. Despite (or perhaps because of) your love of all things amphibious, you currently lack the funds to pay each of the others their probable fair share. You will not receive the collection, but wish to receive as much money as possible. You have no knowledge of the amounts in each of the sealed bids, but strongly suspect that Abraham will bid between \$10,000.00 and \$12,000.00.

• Given that you cannot afford to “win” the process, describe how you will go about deciding what to put down for your own estimate of the value of the collection.

Please post all references.

(Top Tutor) Daniel C.
(997)
School: New York University

Studypool has helped 1,244,100 students

## Review from our student for this Answer

SoccerBoss
May 26th, 2015
"Very Satisfied."

Type your question here (or upload an image)

1824 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors