Originally posted by kavboj84
I dont get it. Why should you fold just because its -EV
If you are playing maxEV poker, why do you suppose maxEV always have to be over zero ? What if you have to choose between two -EV lines ? If my opponent bluffs 19% instead of the 20% required I think its less -EV to fold just a bit more than to fold 100% of them bluffcatchers, as you are not being bluffed out all the time so. If you folded 100% in such a case everyone would have to start bluffing like 5% less than required against you, cause you adjust and they can start making highly profitable bluffs with you not bluffcatching at all.
Your arguement assumes you are playing vs a single hand and not vs a range and that's where the problem is coming from
You cannot know exactly what's in your opponent's hand so you can't play as if you do
If you are getting 4-1 to call and your opponent is bluffing 10% of the time with a bluffcatcher you should fold becasue there are only 2 options.
Call:
Win 4BB 10% of the time
Lose 1BB 90% of the time
So the EV of calling is obviously negative, in fact it's a 0.5BB mistake.
Fold:
EV-Fold = 0BB
So the EV of folding is way higher than calling. Therefore we should fold all our bluffcatchers in this spot.
Even if our opponent is bluffing 18% of the time we should fold becasue it's still better EV to fold than to call. Yes he'll get away with his bluffs and win the pot but long term you'll make more money folding here.
Now if our opponent is bluffing at the correct (20%) frequency
Call:
Win 4BB 20% of the time
Lose 1BB 80% of the time
EV of calling 0
Fold:
EV-Fold = 0
So in this case we are completely indifferent to calling or folding, there's no "best play" and any adjustment we make to our calling range away from balance is not going to benefit us and, in fact, could be exploited. The best we can do is call down with a range which is relative alpha (in this case we'd fold the bottom 25% of our range so his bluffs work as often as they "should" and we still win the pot as often as we "should" so the bet is in equilibrium and no=one has an incentive to change strategy).
And obviously if he bluffs more than 20% we should widen our bluff-catching range to take account of his extra bluffs becasue now EV-Call is higher than 0.