
The Independent Chip Model (ICM) Converts Tournament Chip Stacks Into Real Dollar Equity Based On The Prize Structure. Unlike Chip EV (Where Each Chip Is Worth The Same), ICM Accounts For The Diminishing Value Of Chips - The Chip Leader's Stack Is Worth Less Per Chip Than A Short Stack's. The Bubble Factor Measures This Effect: Values Above 1.0 Mean Survival Is More Important Than Accumulation.