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Chip Expected value =\= Expected value (cash). The play might be slight +cEV but probably massively -EV.
Think of it this way: 10 players, payouts are 5-3-2 buy-ins (standard). 1 guy knocks out the other 8 players, while you sit there folding hand after hand. Though your starting chip count stays the same, your $EV climbs after each player busts.
Also, like another poster stated, the doubling up your chip count doesn't double your expected value. The general principle is that chips are worth more if you have less, worth less if you have more (losing chips costs more than gaining chips pays off).
Example: In my ten-player scenario, say you knock out 4 players and so have 5x the number of chips you started with. Do you now have 5 Buy-ins worth of chips? No, because first place is not a lock, even if you do half the chips.
So basically, since players get paid money even though they end up with 0 chips (2nd and 3rd place end up with 0 chips, yet get paid cash for them), you should be bust averse.
This is not a cash game, where you (theoretically) want to exploit every edge you have. Early gambles blow since tournament players are paid based on survival. Not to say you shouldn't get in allin with kings or aces preflop on round 1 (which is a hell of a lot better than a flip), just saying that taking flips early is -EV. Where does that EV go? Not suprisingly, to the players that are watching you two play chicken.
Last (exaggerated) example: Sattelite final table- top 3 players get entry into a big tournament. 4 Players left with 10,000 chips each. Blinds are 1/2 chips. Player 1 open shoves. Player 2 calls. The other two players +EV just went up massively.
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