[BigBuffet]

Perhaps it should be called a chip value hypothesis.

When you make calls, raises or folds it is based on many factors--pot odds, implied odds, pot equity, your table image, your stack/their stack, 'M', position, etc. It is also based on what you are trying to do in that hand--stone bluff, semi-buff, value bet, PF raise & flop CB, drive out draws, bet your draws, etc.

Does anyone ask themselves "Hmmm, should I fold because the extra chips I would gain have less intrinsic value than the ones I have now?" No.

As far as "bigger and bigger edge to make big calls later in the tournament", when does that happen? The blinds go up and you need to steal them to survive. If a short stack goes all in, someone will call him and try to stack him with a somewhat decent hand.

Late stages of a tournament either become total luck fests or at least situations involving desperation and incomplete information. In other words you will look at your starting hand and ask yourself "Am I willing to put all my chips in at any point in this hand with these two cards?" If the answer is no, you fold. If yes, then you can play those cards.

You don't need a bigger edge later, you just need an edge: position or chips to push out players and isolate, decent starting cards (since others may be making a desperation move, etc.

BTW, here is a quote from Mason on chip stacks:

"I really don't think that anyone here believes that having a small stack is superior than having a big stack. If that was the case, people would be trying to get broke, not accumulate chips."