Exploring how marginal chip value changes with stack size

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What is ICM?

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"Independent Chip Model." It's commonly used, and you'll find lots of discussion about it around here. You could call it a lottery ticket model. Give each player a number of tickets equal to the number of chips he has. Draw one ticket at random to determine first place. Then throw out all the tickets of the first-place winner, and draw one from the remaining tickets to determine second place. Etc. You can see that with a lot of places to be decided, and varying stack sizes, this gets complicated fast.