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Yes. In a situation where there is no food at all and its impossible to go get any, it's the only option.
But it must be fair. So if there is a person already dying/dead, Hes now a dinner. if everybody is healthy, but starving, then there would be a hell of a rock-paper-scissor game.
It wouldn't make sense to just kill the weakest person, because that would just end up in a situation where everybody is trying to kill each other. With a game where everybody agrees with the loser being eaten, the order of a group will be fine.