Chip EV (cEV)
Also: cEV, chip expected value
Expected value counted in tournament chips rather than money. It is the right measure in a cash game, where a chip is a fixed amount, and a misleading one in a tournament, where the money value of a chip falls as your stack grows.
The gap between chip EV and money EV is the whole of ICM. A call can win chips on average and still lose money, because doubling your stack does not double your share of the prize pool while busting takes you to zero. That is why bubble folds that look absurd in chip terms are correct in money terms.
The two measures converge in one place: a winner-take-all tournament, where the only thing that matters is ending up with all the chips.
Related terms
Full glossaryFrequently asked questions
When are chip EV and money EV the same?
In a cash game, and in a winner-take-all tournament where only first place pays.