Originally Posted by slycbnew
For SnG's and MTT's, you also need to distinguish your cEv (chip accumulation expected value) vs. your $Ev (money won expected value) - a plus cEv action may not be a plus $Ev action. I'm weaker on this topic, so I'll let someone who knows this better expand...
Basics are, in MTTs and SnGs, each registrant starts off with their own share of $Ev(equity) of the prize pool and given various factors like skill level of individual and playing style/skill of opponents each individual player will have their own personally sized expected piece of the pie. each time someone is eliminated all other participants gain the $Ev that is left behind (whatever their share was.
If say you are fresh into a 9 seat SnG, have QQ and super LAG raises all in just like his last 4 hands. You have 1500 chips and villain has 1600ish. This is a +cEv call. However it is possibly a -$Ev call because you are risking your entire equity on this call, depends on villains, albeit loose, range.
Say you and villain have identical stacks and villain shoves into you on the button with QQ. We'll say first hand of the tourney. If you call and win you gain his chips but his equity gets distributed amongst all other participants. You doubled your chips but your equity does not now double.
Basically you risk your entire tournament equity for only part of villains.
The equity odds are not favorable for the call.
Well, not for you anyways, only for your tablemates your call is +++$Ev. In that situation (early tourney) calling with less than KK is not recommended. They gain equity for no risk.
Later in the tourney and ITM calling with QQ on shorthanded table, there, is +$EV. In the end game shoving a -cEv hand is many times +$Ev.
If you are not a tourney player, I am sorry if I may have confused things here, because tourney cEv/$Ev decisions are f*@%ing confusing when you start to work with them... hence why many can't go between Ring and cash.
If you are a tourney player, Colin Moshman's SnG book explains the cEV/$EV situation pretty well and you should read it if you can.
Hope this helps.