A New Approach to Impartial Division
A new impartial method of allocating a dollar among claimants without a priori entitlements is introduced. It differs from earlier methods in that it guarantees that all of the dollar is allocated. The possible allocations are characterized. In the case that there is an exact allocation that is consistent with the views of all of the claimants, estimates are provided to show that the allocation this method produces cannot be very far from the perfect one. This new approach has certain practical advantages over previously discussed methods.