{
  "id": "0911.3100",
  "version": "v1",
  "published": "2009-11-16T17:58:36.000Z",
  "updated": "2009-11-16T17:58:36.000Z",
  "title": "The Independent Chip Model and Risk Aversion",
  "authors": [
    "George T. Gilbert"
  ],
  "comment": "11 pages",
  "categories": [
    "math.PR"
  ],
  "abstract": "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.",
  "revisions": [
    {
      "version": "v1",
      "updated": "2009-11-16T17:58:36.000Z"
    }
  ],
  "analyses": {
    "subjects": [
      "60G50"
    ],
    "keywords": [
      "independent chip model",
      "risk aversion",
      "fair bet",
      "expected value",
      "first result"
    ],
    "note": {
      "typesetting": "TeX",
      "pages": 11,
      "language": "en",
      "license": "arXiv",
      "status": "editable",
      "adsabs": "2009arXiv0911.3100G"
    }
  }
}