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.
@article{arxiv.0911.3100,
title = {The Independent Chip Model and Risk Aversion},
author = {George T. Gilbert},
journal= {arXiv preprint arXiv:0911.3100},
year = {2009}
}