Equitability

Equitability is a criterion for fair division. A division is called equitable if the subjective value of all partners is the same, i.e., each partner is equally happy with his/her share. Mathematically, that means that for all partners i and j:

${\displaystyle V_{i}(X_{i})=V_{j}(X_{j})}$

Where:

• ${\displaystyle X_{i}}$ is the part of the resource allocated to partner i;
• ${\displaystyle V_{i}}$ is the value function of partner i. Usually these functions are normalized such that ${\displaystyle V_{i}(\emptyset )=0}$ and ${\displaystyle V_{i}(EntireCake)=1}$ for every i.