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Great, cEV =/= $EV to an exact degree.
Anyone with any understanding knows that your equity doesn't increase on a scale perfectly similar to your stack.
That is not the debate (or at least isn't the meaningful one), the question is what kind of edge should be passed up. Not just conjecture, math.
2007 WSOP ME
You have t70,000
Avg stack is t22,000
You are Daniel Negreanu
Please put a number on what kind of edge should be passed up on a AIPF decision for a player of his caliber against a field the strength of the average ME. Disregard the hourly rate discussion, I am looking for the answer with the highest $EV specific to this one tournament.
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Bill Chen did the math, search through the intelligent gambler. Of course the math makes assumptions that may not be true.
Here is the issue
http://www.conjelco.com/IG/IG23.pdf