A caching estimator process identifies a thread for determining the fair cache miss rate of the thread. The caching estimator process executes the thread concurrently on the chip multiprocessor with a plurality of peer threads to measure the actual cache miss rates of the respective threads while executing concurrently. Additionally, the caching estimator process computes the fair cache miss rate of the thread based on the relationship between the actual miss rate of the thread and the actual miss rates of the plurality of peer threads. As a result, the caching estimator applies the fair cache miss rate of the thread to a scheduling policy of the chip multiprocessor.