The Out of State Estate: Lisa, Jerome, and Michael are heirs to their parents' estate in New York. The lawyer has informed them that the estate consists of a house, a collectors' motorcycle, a Rolls Royce, a Denver Broncos' season ticket, and $7,000 in cash. They are told to submit the bids by mail within 7 days. The lawyer has listed their submitted bids as shown below. Use the method of fair division to divide the estate among the heirs.

	House	Motorcycle	Rolls Royce	Ticket
Lisa	$40,000	$5,000	$35,000	$150
Jerome	$38,000	$5,500	$27,000	$225
Michael	$42,000	$4,300	$26,500	$300

For each heir, state their fair share, the items received, the amount of cash and the final settlement.

Suppose Jerome was out of town and didn't get his bid submitted on time, how could you resolve this in a way that is fair to everyone?

Choose one of the assumptions about fair division and describe the trouble that might be caused in the above estate division if the assumption was violated.

Choose another one of the assumptions about fair division and describe the trouble that might be caused in the above estate division if the assumption was violated.