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Chip EV

Polaris

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June 22, 2010 - 10:16 am

Since I play mostly cash I think only in terms of maing +EV decisions and chip Ev = $ev anyway because the chips are worth the amount they represent. However, in tournaments this is not the case. Can you explain to me please how you think about chip ev and what situations it matters in a tournament ?

Thanks

Hagbard Celine

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June 23, 2010 - 10:20 pm

in general you can just think about chip EV (cEV) in terams of $EV.

it’s when you are in bubble situations or at a final table where cEV diverges from $EV and you’ll find decisions that are +cEV but -$EV.

the idea behind this is known as Independent Chip Model (ICM), which basically means that chips you lose are more valuable than chips you gain in a tournament. so, you will find situations where ICM calls for needing significantly more equity in order to make a +$EV call that is ordinarily a +cEV call.

that’s a very simple explanation, and i wish i could explain it more deeply, but i suggest finding some ICM calculators online and playing with them. or head over to the 2+2 forums and search for threads with ICM spots as there are some posters over there that are ICM experts.

Polaris

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Guests

June 24, 2010 - 4:41 am

So as I understand it. We can think of cEV in terms of $EV in the early to mid stages of a tournament. When the blinds are low and the amount of chips you risk are actually worth more than those you win. It also comes into play in slow structured tournaments or soft fields. Sometimes you will pass up small edges expecting larger edges later in the tournament.

It comes into effect the most in later stages of the tournament when approaching the bubble and as you move up the pay structure. This is where ICM can be used to calculate your equity in a tournament based on the remaining stack sizes and the payout strucuture. ICM calculates wht your chips are worth in a $ value. ICM calculations calculate the amount risked by making a specific play to the potential reward.

Using ICM shows that your opponents cEV increases when you call an allin and your own cEV decreases relative to the amount you risk. Thus you need more equity to a make a +$EV call. This information means we should be aggressively pushing in bubble and final table situations since opponents rarely have a good enough hand to risk their equity.

Hagbard Celine

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Guests

June 25, 2010 - 4:27 am

thats a good point that i forgot to point out.

ICM is more a factor in calling it off than in making an allin move, as when you shove you put the ICM pressure on others and can force people to make folds in spots they normally wouldn’t.

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