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The Complete Idiot's Guide to Game Theory by Edward Rosenthal, Ph.D., Edward C. Rosenthal

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I Cut, You Choose, and Related Methods

The simplest example of a fair division problem usually involves two children sharing a piece of cake or some other goody that can be cut up into pieces. Bear in mind that the cake might not be uniform; in other words, one part might have more icing while another part might have more crust.
An ancient, King Solomon-like solution to this problem is known to many wise parents: let one child cut the cake into two pieces that she deems to be equally attractive, and let the other child choose first. The kid who does the cutting will try to make sure that either piece would be satisfactory; more precisely, to her eye both pieces would be as closely matched as possible. Even little kids understand that if the ...

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