Math Tutoring on Fair Division
Fair Division is the problem of dividing a set of goods or assets between several people, such that each person receives his or her due share or fair share. This problem arises in various real-world settings:
· Business profits/assets
· Lottery winnings
· Divorce settlement
· Airport traffic management
· Natural resources
Deducing ‘Fair Division Method’ in Math Tutoring:
A Fair Division method needs to guarantee that each party will receive a share they view as fair.
1. It does not need to be envy free. An envy-free division is one in which no party would prefer another party’s share over their own.
2. It does not need to be Pareto optimal. A Pareto optimal division is one in which no other division would make a participant better off without making someone else worse off.
3. It does not have to be equitable. An equitable division is one in which the proportion of the whole each party receives, judged by their own valuation, is the same.
Basically, a simple fair division doesn’t have to be the best possible division - it just has to give each party their fair share.
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1. What is Fair Division?
2. State Fair Division method.
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