FAIR DIVISION VOCABULARY

Within Fair Division, certain vocabulary is used. Knowing what it is and its meaning is helpful.

Assets: things to be distributed.

     - Continuous asset: can be infinitely divided. e.g. cake

     - Discrete asset: invisible.

     - Finely Grained asset: a large collection of discrete assets.

     - Monetary asset: has the same value to all players and is divisible.

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Players: those who have partial ownership of assets as well as those who will receive the assets.

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Estate: used to describe the set of all assets.

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Fair Share: for a player, it means the player receives assets whose value to them meets or exceeds 1/N of the estate's value.

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Equitable Division: everyone gets a share of equal value.

Envy-free Division: no one values another player's share more than their own.

Pareto Optimal: the only way a player can receive a larger share would be to make another player get a smaller share.

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Standoff: occurs when a subset of choosers (M many) bids for too few shares (<M)