I'm surprised to see so much debate about this. IMO, deciding whether or not to fold AA preflop is a VERY personal decision.
FWIW, here's my position.
1) In a ring game, NEVER (assuming the game is not being cheated). With that said, I almost mucked KK preflop in a live NL game a few weeks ago because I was certain the player had AA. I was at the table with this guy for 3 hours and THOUGHT he wouldn't make the move he did with anything less than AA. I didn't trust my read and went called his all-in bet and he showed AA. The good news is that he said he would have made the same play with QQ-AA so I was right about his hand but incorrect about my assumption regarding his play.
2) In tourney play definitely. Most of this has been covered already but near/on the bubble I would certainly consider mucking AA depending on chip stack, position, places paid, and amount paid.
Risk tolerance is the reason I think the decision is personal. For some, breaking even in a tourney is better than losing. For others, they would much rather try to accumulate chips and take a shot at winning (or a substantial payout) than playing conservatively just to make the money. What this comes down to is how much are you willing to lose to take a shot at winning.
If one paid 10k to enter a tourney and ended up being on/near the bubble with AA with a few people already in the pot:
A) You knew you could fold your way to make the money but probably not get enough chips to win.
B) You can get your money in the pot when you have the best of it and potentially lose 10k but if you win you improve you chances to win exponentially.
There are some who would choose A and some who would choose B. NEITHER PLAYER WOULD BE WRONG!!!! What it comes down to is that the money means different things to different people.
On a related note, I also think you can perform an expected value calculation in these type of situations but there are so many unknowns that it would be difficult to come up with an answer that is more accurate than just knowing your personal position.
Cadillac Man, IMO you are a true gambler. There are many situations in tourney play where folding AA preflop is a good idea. The bottom line, is that you would rather take a shot at winning a lot of money than assuring yourself of a smaller amount.
FWIW, here's my position.
1) In a ring game, NEVER (assuming the game is not being cheated). With that said, I almost mucked KK preflop in a live NL game a few weeks ago because I was certain the player had AA. I was at the table with this guy for 3 hours and THOUGHT he wouldn't make the move he did with anything less than AA. I didn't trust my read and went called his all-in bet and he showed AA. The good news is that he said he would have made the same play with QQ-AA so I was right about his hand but incorrect about my assumption regarding his play.
2) In tourney play definitely. Most of this has been covered already but near/on the bubble I would certainly consider mucking AA depending on chip stack, position, places paid, and amount paid.
Risk tolerance is the reason I think the decision is personal. For some, breaking even in a tourney is better than losing. For others, they would much rather try to accumulate chips and take a shot at winning (or a substantial payout) than playing conservatively just to make the money. What this comes down to is how much are you willing to lose to take a shot at winning.
If one paid 10k to enter a tourney and ended up being on/near the bubble with AA with a few people already in the pot:
A) You knew you could fold your way to make the money but probably not get enough chips to win.
B) You can get your money in the pot when you have the best of it and potentially lose 10k but if you win you improve you chances to win exponentially.
There are some who would choose A and some who would choose B. NEITHER PLAYER WOULD BE WRONG!!!! What it comes down to is that the money means different things to different people.
On a related note, I also think you can perform an expected value calculation in these type of situations but there are so many unknowns that it would be difficult to come up with an answer that is more accurate than just knowing your personal position.
Cadillac Man, IMO you are a true gambler. There are many situations in tourney play where folding AA preflop is a good idea. The bottom line, is that you would rather take a shot at winning a lot of money than assuring yourself of a smaller amount.