Insurance in tournaments
Iīm sure everybody has seen (or at least heard about) phil ivey recently giving insurance to phil helmut at a wsop final table not once but several times.
I havenīt done the proper calculations yet (nor collected the data) but iīm certain that helmuth gave away thousands of dollars ev-wise. He (seemingly) didnīt know the proper odds for the all-in matchups, thereby giving ivey the opportunity to hustle a bit, and of course ivey collected a little fee for giving insurance. But whatīs more important: Tournament chips arenīt really worth their nominal value.
My question is: Did anyone take insurance in a tournament himself, and for what reasons? How much did you pay for decreasing your variance?
Furthermore: What would be the proper way to calculate the real worth of a hand being all-in heads-up in a tournament situation?
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