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A cake for three that nobody can call unfair

Three friends share a cake. They have different tastes: one loves the icing, another the fruit, so they value the pieces differently and there is no referee. For two people, "one cuts, the other chooses" guarantees each a half by their own valuation.

Design a procedure for three people so that every person can guarantee themselves at least one third of the cake, by their own valuation, no matter what the others do. Then explain why this does not guarantee that nobody envies anyone else's share.

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Let one person cut a slice they consider exactly a third. Then give the others a chance to say "that is too big" and trim it.

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