As is usual in the cake-cutting literature, we postulate that the goal of each person is to maximize the value of the minimum-size piece (maximin piece) that he or she can guarantee, regardless of what the other person does. Thus, we assume that each person is risk-averse: He or she will never choose a strategy that may yield a more valuable piece of cake if it entails the possibility of getting less than a maximin piece.

– Better Ways to Cut a Cake

I had no idea.