Is it possible to quantify the changing values of chips in a tournie?

[allintuit]

Is it possible to create a mathematical formula to determine how much a given chip is worth at a given time in a tournament. For instance, in a SNG tournament where you start with 1000 chips, after 5 people are eliminated, is each chip worth .75 of what it was worth at the beginning? I find this confusing because it is so difficult to represent mathematically... Is there any way to do this?