%0 Journal Article
%T The Independent Chip Model and Risk Aversion
%A George T. Gilbert
%J Mathematics
%D 2009
%I arXiv
%X We consider the Independent Chip Model (ICM) for expected value in poker tournaments. Our first result is that participating in a fair bet with one other player will always lower one's expected value under this model. Our second result is that the expected value for players not participating in a fair bet between two players always increases. We show that neither result necessarily holds for a fair bet among three or more players.
%U http://arxiv.org/abs/0911.3100v1