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1. Name three criteria that are used to determine if an allocation is fair. 2. Suppose Frank and Betty discover a sunken pirate ship and

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1. Name three criteria that are used to determine if an allocation is fair. 2. Suppose Frank and Betty discover a sunken pirate ship and must divide their loot. They assign points to the items as in the chart below. Use the adjusted winner procedure to determine a fair allocation of the loot. Object Frank's points Betty's points Cannon 10 5 Anchor 10 20 Unopened chest15 20 Doubloon 11 14 Figurehead 20 30 Sword 15 6 Cannon ball 5 1 Wooden leg 2 1 Flag 10 2 Crows nest 2 '1

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