One issue with this is that it encourages collusion. If you're a top GM playing someone of equal skill, it's +EV to agree to flip a coin beforehand to determine who will win (and then play a fake game) rather than playing it for real.
Some chess tournaments have experimented with giving 1/3 point for draws instead of 1/2 and it didn't really change much. Mostly it acted as a tiebreaker, which you could have done by just using "most wins" as a tiebreaker anyway.
My favorite idea (not mine) for creating decisive results in chess is that when a draw is agreed, you switch sides and start a new game, but don't reset the clocks.
The difference here is you are not throwing a match for outside money. You are actually doing something in your interest and probably not against the rules (??) so you are just playing the game (the new game) as intended.
Might be an interesting variant of chess where 2 players just decide how much of the point they get each via negotiation, and if they disagree, they go to "court" by playing the chess game.
Because it averages out. If it's a true coin flip, half the time you'll get 1 point and half you'll get 0. So it averages to an expected value of 0.5 points. 2 draws (at 0.2 points per draw) would only yield you 0.4 points. So if there's a good chance you'd draw twice anyway, it's a higher payout.
It only makes sense if you are playing multiple games against the same opponent. Let's say you get 2 points for a win, 0.5 points for a draw, and 0 points for a loss. If you draw both games you both get 1 point. But if you win one and lose the other, you'd each earn 2 points instead.
“Some chess tournaments” doesn’t change habitual logic, if players are training for and in the mindset of drawing for safety they’re not going ton flip on a dime unless the incentives are massive.
Some chess tournaments have experimented with giving 1/3 point for draws instead of 1/2 and it didn't really change much. Mostly it acted as a tiebreaker, which you could have done by just using "most wins" as a tiebreaker anyway.
My favorite idea (not mine) for creating decisive results in chess is that when a draw is agreed, you switch sides and start a new game, but don't reset the clocks.