I'll let pzhon explain this better, but some of you are confusing HEM's $EV (luck adjusted EV) with current equity in a sng (according to ICM). Those 2 things aren't the same.

*Originally posted by elhh82*

shouldn't the boundary be the entire prize-pool?

If you bust every opponent in just 8 hands (9 handed tourney) and your opponents are always drawing dead when they are all in. Would your EV be 100% of the prize pool?

HEM's $EV would be equal to first prize (4.5 buyins). It is calculated as "prize won" + "luck adjust". Because there weren't any all ins <100% "luck" would be 0.

*Originally posted by 8979687*

The only time your chips are worth the buyin is when everyone has an untouched starting stack no?

In first hand your 1500 chips are worth exactly the buyin. (minus the fee)

But you can easily have a situation later on where your chips are worth aprox. 1/9 of the prize pool = 1 buyin.

For example chip counts of 4450, 4000, 4000, 1150(HERO). Here your 1150 chips are worth close to 1/9 of the pool or ~1 buyin.