How does ICM impact PKO strategy?
If you have read The Theory of Progressive Knockout Tournaments you already know why we can play wider ranges in PKOs than in regular MTTs. In particular, this effect is most pronounced at the start of PKOs where Bubble Factor is below 1 (something you don’t see in regular MTTs). This is because the upside of winning bounties is more than the downside of losing chips, so much so that we can play looser multiway than in heads-up pots. But what about when the payouts are looming in PKOs? How does the impact of ICM near the bubble or at final tables affect our strategy?