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— WELCOME TO A LESSON ON THE SEALED BIDS METHOD OF FAIR DIVISION. THE SEALED BIDS METHOD PROVIDES A METHOD FOR DISCREET FAIR DIVISION, ALLOWING FOR THE DIVISION OF ITEMS THAT CANNOT BE SPLIT INTO SMALLER PIECES, LIKE A HOUSE OR A CAR. THE METHOD DOES REQUIRE ALL PARTIES TO HAVE A LARGE AMOUNT OF CASH AT THEIR DISPOSAL TO BALANCE OUT THE DIFFERENCE IN ITEM VALUES. THIS METHOD CAN BE USED FOR SUCH THINGS AS A DIVORCE SETTLEMENT OR DISSOLVING BUSINESS ASSETS. THE METHOD BEGINS BY COMPILING A LIST OF ITEMS TO BE DIVIDED, AND THEN STEP ONE, EACH PARTY INVOLVED LISTS IN SECRET A DOLLAR AMOUNT THEY VALUE EACH ITEM TO BE WORTH. THIS IS THEIR SEALED BID. TWO, THE BIDS ARE COLLECTED FOR EACH PARTY. THE VALUE OF ALL THE ITEMS IS TOTALED, AND DIVIDED BY THE NUMBER OF PARTIES OR PLAYERS. THIS DEFINES THEIR FAIR SHARE. THREE, EACH ITEM IS AWARDED TO THE HIGHEST BIDDER. FOUR, FOR EACH PARTY THE VALUE OF ALL ITEMS RECEIVED IS TOTALED. IF THE VALUE IS MORE THAN THAT PARTY'S FAIR SHARE, THEY PAY THE DIFFERENCE INTO A HOLDING PILE. IF THE VALUE IS LESS THAN THAT PARTY'S FAIR SHARE, THEY RECEIVE THE DIFFERENCE FROM THE HOLDING PILE IN CASH. THIS ENDS THE INITIAL ALLOCATION. AND THEN FIVE, IN MOST CASES THERE WILL BE A SURPLUS, OR LEFTOVER MONEY IN THE HOLDING PILE. THE SURPLUS IS DIVIDED EVENLY BETWEEN ALL PLAYERS. THIS PRODUCES THE FINAL ALLOCATION. SO LET'S LOOK AT AN EXAMPLE. A GRANDMOTHER LEAVES ALL OF HER ASSETS TO CHARITY EXCEPT THREE ITEMS. SHE LEAVES HER HOUSE, CAR, AND DIAMOND RING TO HER THREE GRANDCHILDREN. WE WANT TO DIVIDE UP THE ASSETS USING THE SEALED BIDS METHOD. SO EACH GRANDCHILD HONESTLY AND INDEPENDENTLY PLACED THE FOLLOWING BIDS IN THOUSANDS OF DOLLARS FOR THE THREE ITEMS. REMEMBER, THE HIGHEST BIDDER RECEIVES THE ITEM. SO LOOKING AT THE HOUSE, HERE'S THE HIGHEST BID, SO PLAYER TWO RECEIVES THE HOUSE. FOR THE CAR HERE'S THE HIGHEST BID. PLAYER THREE RECEIVES THE CAR. AND FOR THE RING HERE IS THE HIGHEST BID. NOTICE PLAYER TWO ALSO RECEIVES THE RING. SO PLAYER ONE RECEIVES NOTHING, PLAYER TWO RECEIVES THE HOUSE AND THE RING, AND PLAYER THREE RECEIVES THE CAR. NOW LET'S DETERMINE EACH PLAYER'S FAIR SHARE FOR THE FIRST SETTLEMENT. REMEMBER, TO FIND THE FAIR SHARE FOR EACH PLAYER, WE SUM THEIR BIDS AND DIVIDE BY THE NUMBER OF PLAYERS. SO FOR PLAYER ONE THE SUM OF THE BIDS IS 159 DIVIDED BY 3 = 53, AND THEREFORE PLAYER ONE'S FAIR SHARE IS $53,000. NOTICE PLAYER TWO'S FAIR SHARE WOULD BE $61,000, AND PLAYER THREE'S FAIR SHARE WOULD BE $46,000. NOW WE LOOK AT THE VALUE OF THE ITEMS RECEIVED AND THE FAIR DOLLAR SHARE. IF THE TOTAL OF THE ITEMS RECEIVED IS MORE THAN HIS OR HER FAIR SHARE, THEN THE PLAYER PAYS THE ESTATE THE DIFFERENCE. IF THE TOTAL OF THE ITEMS RECEIVED IS LESS THAN HIS OR HER FAIR SHARE, THEN THE PLAYER GETS THE DIFFERENCE IN CASH. WELL, AGAIN, PLAYER ONE RECEIVED NOTHING, AND THEREFORE THEY RECEIVE THEIR FAIR SHARE IN CASH, OR $53,000 IN CASH FROM THE ESTATE. BUT PLAYER TWO RECEIVED THE HOUSE AND THE RING, WHICH THEY VALUED AT...
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