Rebuy Theory - Discussion
Start with this;
Originally Posted by Collin Moshman
Nice work Blue!
As for rebuying in general, it's interesting because the rebuy usually costs the same amount as the initial entry, but you're buying less valuable chips since chips decline in value. But you often have so many players put in their stacks so light early that it's worth rebuying just to have them covered.
Rebuys are interesting, and in many ways interesting here means dangerous.
For those of you who do not understand what Colin is saying, let's simplify, using an invention of sorts.
Single table tourney rebuy (never seen one). Limited rebuys first, then expanded to unlimited rebuys. 10 seat table (for simplicity) we will not talk about the tourney fee's, again for simplicity.
Buy in (bi or BI) is $10, rebuy is $10. again for simplicity lets say you get 1000 chips for your $10 bi (buy in).
Standard game, no rebuys;
The prize pool is $100, and there are 10,000 chips in play. Meaning for each dollar you get 100 chips. Each chip is worth 1 penny.
Limited rebuy - 1 rebuy only
If everyone rebuy's, the total chips in play becomes 20,000 and the prize pool becomes 200 and each chip is still worth 1 penny.
However, as a percentage of the pot, each single chip has lost 1/2 each chip has lost 1/2 its value. (Was 1/10,000 or .0001% of total chips which becomes 1/20,000 or .00005%)
It is not so much that the chips are financially worth less, but each chip has less power. Power equates to a chip, or stack of chips ability to influence action. i.e. fold equity mainly, but there are other implications.
Those 2 games were easy to define and hopefully understand. But then there are the simple variations where only 7 players rebuy, or 3, or do not rebuy at all, they walk away when busted. . Assume you are the chip leader and do not rebuy. When other players do rebuy, they lower the power of your chips. In this case your chips will remain worth 1 penny each, but as more chips join the table, the power of each chip diminishes. However, as each player leaves the table when busted, your chips regain some of that lost power.
OK, you can see things getting a little (a lot even) calculation heavy. UGH!, break out that pocket calculator, this is ICM stuff, and can get thick.
Now we complicate things immensely buy dealing with the unlimited rebuys;
If everyone at this STT starts with a rebuy, we go to the 20,000 total chips with a prize pool of $200 model. Each chip worth a penny (in all variations of this table description, each chip will be worth that same 1 cent, however each chips 'power' will be different).
But everyone rebuying at the very start is unusual, doesn't happen often. So from the start you are tasked with figuring out how many players have re-bought, early, and as the game progresses, how the total chip count in play is affecting your chips value. You can see that it is nearly imposible to keep track of at a small STT if there are active, agro players involved. They will often rebuy veraciously just to get a lot of chips in play thinking they can outplay you later when the stakes have risen, I have read many things suggesting this line of action.
Quick, 239 players start an unlimited rebuy tourney and 88 rebuy before the first deal. What are your chips worth (use above set-up), and do you rebuy?