  Cake-cutting protocols aim at dividing a ``cake'' (i.e., a divisible
resource) and assigning the resulting portions to several players in a way that
each of the players feels to have received a ``fair'' amount of the cake. An
important notion of fairness is envy-freeness: No player wishes to switch the
portion of the cake received with another player's portion. Despite intense
efforts in the past, it is still an open question whether there is a
\emph{finite bounded} envy-free cake-cutting protocol for an arbitrary number
of players, and even for four players. We introduce the notion of degree of
guaranteed envy-freeness (DGEF) as a measure of how good a cake-cutting
protocol can approximate the ideal of envy-freeness while keeping the protocol
finite bounded (trading being disregarded). We propose a new finite bounded
proportional protocol for any number n \geq 3 of players, and show that this
protocol has a DGEF of 1 + \lceil (n^2)/2 \rceil. This is the currently best
DGEF among known finite bounded cake-cutting protocols for an arbitrary number
of players. We will make the case that improving the DGEF even further is a
tough challenge, and determine, for comparison, the DGEF of selected known
finite bounded cake-cutting protocols.
