Chapter 3, Problem 31E

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 $s_1$, $s_2$, $s_3$, and $s_4$. Table 3-20shows the value of some of the parcels in the eyes of each partner.

	$s_1$	$s_2$	$s_3$	$s_4$
Egan	$\$80,000$	$\$85,000$		$\$195,000$
Fine		$\$100,000$	$\$135,000$	$\$120,000$
Gong			$\$120,000$
Hart	$\$95,000$	$\$100,000$		$\$110,000$

a. Who was the divider? Explain.

b. Determine each chooser’s bid.

c. Find a fair division of the property.