Quote:
The EV to each player is the bluff freq of the last bet.
This statement doesn't consider the price of the call, which should be subtracted from the caller's ev to find the actual value of calling:
Sure, when I call a pot sized bet with a hand that can only beat a bluff, my immediate ev in equilibrium will be 1/3(your bluffing frequency), but after subtracting the investment my ev is zero.
When I call a pot sized bet with a hand that can beat 1/4 of your value range in addition to beating all of your bluffs, my ev after subtracting my call is 25% of (pot + bet).