Adjusted Winner (AW) is a procedure for envy-free item allocation. Given two agents and some goods, it returns a partition of the goods between the two agents with the following properties:

1. Envy-freeness: Each agent believes that his share of the goods is at least as good as the other share;
2. Equitability: The "relative happiness levels" of both agents from their shares are equal;
3. Pareto-optimality: no other allocation is better for one agent and at least as good for the other agent;
4. At most one good has to be shared between the agents.

For two agents, Adjusted Winner is the only Pareto optimal and equitable procedure that divides at most a single good.

The procedure can be used in divorce settlements and partnership dissolutions, as well as international conflicts.

The procedure was designed by Steven Brams and Alan D. Taylor. It was first published in their book on fair division^: 65–94 and later in a stand-alone book.

The algorithm has been commercialized through the FairOutcomes website. AW was patented in the United States but that patent has expired.