I apologize if this is a dumb question.
Basically, I'm wondering if the following is equivalent to the last diminisher procedure. If not, I'm curious why this fails. What I have in mind is as follows:
The idea is that the person cutting the cake must give the other players an opportunity to take the slice; however, if none of the other players take the slice, the person who cut the slice must take the slice. So suppose $A, B$, and $C$ are dividing a cake. $A$ gets to cut a slice first. Then $B$ and $C$ each have a kind of right of first refusal. $B$ can take the slice or not. Then $C$ can take the slice or not. If neither $B$ or $C$ take the slice, $A$ must take the slice. Then the same procedure for the remainder of the cake is carried out between $B$ and $C$, which just reduces to the divide and choose procedure.
Alternative approach.
My answer is limited to the case of 3 people sharing a cake, and considers that there may be disagreement among the three people.
A cuts $x$. A is now committed to the idea that $x$ is neither too big nor too small. Then, one of 4 things will happen.
The analysis below assumes that when a slice is given to one of the three, A,B,or C, that the 2 other people will share the remainder of the pie in accordance with the standard way of one person making the slice, and then the other person deciding who gets the slice.
$\underline{\text{Option 1:}}$
$x$ is given to A, and B,C divide the remainder.
$\underline{\text{Option 2:}}$
$x$ is given to C, and A,B divide the remainder.
$\underline{\text{Option 3:}}$
$x$ is given to B, and A,C divide the remainder.
$\underline{\text{Option 4:}}$
Here, A is committed to the idea that $x$ is not too large, while B and C are both committed to the idea that $x$ is too large.
B shaves off part of $x$ to create $y$ that B regards as fair. Then, C chooses whether to accept $y$ or give it to B.
A can not complain about getting to share $\displaystyle (1 - y) > (1- x)$ with one other person.
Since B regards $\displaystyle y$ as fair, B can not complain about either accepting $\displaystyle y$ or getting to share $\displaystyle (1 - y)$ with one other person.
Since C is allowed to decide whether to accept $\displaystyle y$ or give it to B, C also can not have any complaints.