112. Weighing the Knife's Share
(Epistemic status: The math holds up, and the one real theorem fits on a frosting-stained napkin. The rest is a relaxed palate-cleanser of a post... mostly. CW: notes of buttercream, ash, and... something like iron? For PR, CL, and both AS's.) "I cut, you choose." It's a tale as old as siblings made to share cake - or land. The problem's a deceptively simple one: if you have two (or more) agents that both want the same valuable object, what procedure should they use, in order to ensure that all parties involved feel like they got a fair slice? The solution - for those among today's lucky 10,000 - is as elegant as it is brilliant; perhaps among the first pieces of explicit mechanism design: the cutter, knowing the chooser will then pick, has every incentive to cut two pieces she values equally; the chooser then takes whichever piece he likes better. She can't reasonably envy him, because she was indifferent by construction; he can't envy her, beca...