We discussed this fair splitting problem when I was in high school. I understood the theoretical implications of the problem, but I never liked the splitting method in a practical sense.

For instance, the "fair" way to split a pizza into two is to let one person cut, and the other chooses.

But if you've ever cut pizza, you know how hard it is to cut it evenly. So clearly the person who gets to choose has the better end of the deal.