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Division of a Will


Best Answer bushindo, 09 May 2013 - 09:18 PM

Brilliant! We will add your extra restraint. Find a way to best maximize your minimum score while keeping the perceived share as balanced as possible.

 

If we want to maximize the minimum perceived percentage plus making sure that no one thinks someone else is receiving more money, then here's an approximate strategy

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13 replies to this topic

#1 BMAD

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Posted 07 May 2013 - 05:30 PM

An old man left his fortune and goods to his four children.  In the will it stated that each item should be divided up fairly so that each person should have an equal share.  Unfortunately, the lawyer found that each person appraised the objects' worth differently and no official appraiser was nearby.  The lawyer had each of the children complete a simple little informal appraisal of each of the major items.  The results are as follows:

 

Albert:

Piano= 1,000

Ring= $120

Home= 2,000,000

Appliances= $500

Wardrobe= $50

 

Eric:

Piano= 1,500

Ring= $20

Home= 2,600,000

Appliances= $200

Wardrobe= $10

 

Theresa:

Piano= 900

Ring= $75

Home= 1,500,000

Appliances= $350

Wardrobe= $10

 

Sonya:

Piano= 1,150

Ring= $150

Home= 4,000,000

Appliances= $750

Wardrobe= $0

 

The deceased also had a net value of $12,000,000.  How should the lawyer divide up the assets using only this given information to where each person walks away with an equal (or better than equal) percentage of the deceased's worth?


Edited by BMAD, 07 May 2013 - 05:32 PM.

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#2 bushindo

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Posted 07 May 2013 - 07:20 PM

An old man left his fortune and goods to his four children.  In the will it stated that each item should be divided up fairly so that each person should have an equal share.  Unfortunately, the lawyer found that each person appraised the objects' worth differently and no official appraiser was nearby.  The lawyer had each of the children complete a simple little informal appraisal of each of the major items.  The results are as follows:
 
Albert:
Piano= 1,000
Ring= $120
Home= 2,000,000
Appliances= $500
Wardrobe= $50
 
Eric:
Piano= 1,500
Ring= $20
Home= 2,600,000
Appliances= $200
Wardrobe= $10
 
Theresa:
Piano= 900
Ring= $75
Home= 1,500,000
Appliances= $350
Wardrobe= $10
 
Sonya:
Piano= 1,150
Ring= $150
Home= 4,000,000
Appliances= $750
Wardrobe= $0
 
The deceased also had a net value of $12,000,000.  How should the lawyer divide up the assets using only this given information to where each person walks away with an equal (or better than equal) percentage of the deceased's worth?

 
Love this problem. Here's how I would approach it.

Spoiler for


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#3 Pickett

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Posted 07 May 2013 - 07:24 PM

Quick question:  when you say "equal (or better than equal) percentage"...from whose perspective are we talking?  

Spoiler for Here's why I ask


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#4 BMAD

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Posted 07 May 2013 - 08:12 PM

Quick question:  when you say "equal (or better than equal) percentage"...from whose perspective are we talking?  

Spoiler for Here's why I ask

Is there a way to ensure that all five parties are satisfied (lawyer included)?


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#5 BMAD

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Posted 07 May 2013 - 08:15 PM

 

An old man left his fortune and goods to his four children.  In the will it stated that each item should be divided up fairly so that each person should have an equal share.  Unfortunately, the lawyer found that each person appraised the objects' worth differently and no official appraiser was nearby.  The lawyer had each of the children complete a simple little informal appraisal of each of the major items.  The results are as follows:
 
Albert:
Piano= 1,000
Ring= $120
Home= 2,000,000
Appliances= $500
Wardrobe= $50
 
Eric:
Piano= 1,500
Ring= $20
Home= 2,600,000
Appliances= $200
Wardrobe= $10
 
Theresa:
Piano= 900
Ring= $75
Home= 1,500,000
Appliances= $350
Wardrobe= $10
 
Sonya:
Piano= 1,150
Ring= $150
Home= 4,000,000
Appliances= $750
Wardrobe= $0
 
The deceased also had a net value of $12,000,000.  How should the lawyer divide up the assets using only this given information to where each person walks away with an equal (or better than equal) percentage of the deceased's worth?

 
Love this problem. Here's how I would approach it.

Spoiler for

 

If one of the people got the house which in Sonya's case means the house is worth 2.6 million should she also get 1/4 of the value back?  Sounds like she got an incredible discount.


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#6 BMAD

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Posted 07 May 2013 - 08:16 PM

I should have stated in the OP that the will dictates that someone must have some if not all of the items so no selling it to a third party option.  Thank you to Pickett and Bushindo for assuming correctly in this regard.


Edited by BMAD, 07 May 2013 - 08:17 PM.

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#7 bushindo

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Posted 07 May 2013 - 08:28 PM

 


Love this problem. Here's how I would approach it.

Spoiler for

 

If one of the people got the house which in Sonya's case means the house is worth 2.6 million should she also get 1/4 of the value back?  Sounds like she got an incredible discount.

 

 

I don't think that would be a problem

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#8 BMAD

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Posted 08 May 2013 - 02:28 AM

What is the best means to dividing these items up? Let's define Best as the approach that gives the greatest benefit to the recipients. The submissions will be judged by examining the highest percentage over the expected individual's share of the individual who made the least over their expectation.
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#9 bushindo

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Posted 08 May 2013 - 04:35 PM

What is the best means to dividing these items up? Let's define Best as the approach that gives the greatest benefit to the recipients. The submissions will be judged by examining the highest percentage over the expected individual's share of the individual who made the least over their expectation.

 

Can you elaborate on the bolded part? I'm not sure that I can parse that correctly.


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#10 bonanova

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Posted 08 May 2013 - 04:47 PM

Just a comment that Busindo's solution is attractive in that the inheritors have a hand in determining their benefit.


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