Tournament
ICM (Independent Chip Model)
The Independent Chip Model (ICM) calculates the real-money value of a tournament stack based on the prize pool distribution and remaining players. ICM shows that chips lost are worth more than chips gained, which dramatically affects optimal strategy near the money bubble and at final tables. ICM pressure forces tighter play when the money jumps are significant.
Example
With 4 players left and a big pay jump from 4th to 3rd, ICM may dictate folding AKo even though it's +cEV.
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