Construct · 1 fields · 2 citations
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In a tournament, chips do not convert linearly to money, because only the top finishers are paid on a prize ladder, so a stack’s cash value depends on every stack at the table and on the payout structure. The independent chip model estimates each player’s expected share of the prize pool by taking the probability of finishing in each position as proportional to chip counts, the method Harville’s 1973 paper gave for assigning probabilities to the order of finish in multi-entry competitions. Chen and Ankenman’s The mathematics of poker applies this chip-to-equity reasoning to tournament play. The referent is the dollar equity implied by a chip stack, which is why chips won are worth less than chips lost near the money.[1][2]
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