Re: MTT 101 question...good definitions of cEV & $EV please
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Expected Value – the expected profit or loss associated with a decision.
$Ev...expected value in dollars.
cEV...expected value in chips.
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so $Ev...expected value in dollars is the macro version? How much actual money you stand to make from a tournament perspective rather than the hand itself?
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I believe it works both ways but in tournament play, $EV in tournaments lie in your equity in the whole tournament but making +EV play consistently throughout the tournament in creases your expected value and therefore also your equity.
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