medium · Poker Theory Preflop

Game: No-Limit Texas Hold'em | Format: Tournament | Blinds/Antes: 500/1000 | Effective Stacks: 15,000 | Hero Position: BB | Pot Size: 3,500 In a tournament near the money bubble, why does the 'Independent Chip Model' (ICM) force medium stacks to play more tightly than their chip-EV (cEV) suggests?

1. Because medium stacks should always wait for short stacks to bust.
2. Because tournament rake is only paid once at the start.
3. Because the blinds increase faster in tournaments, making chips more valuable. (under this line) (under this line)
4. Because the marginal utility of chips decreases; doubling your stack does not double your dollar equity.

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