So let's say we have the folowing situation:
We are heads up, in late position on the river, and the player op checks to us. Board is 22234 rainbow and both player's ranges on this river before any bets are AA-77. For simplicity's sake only a pot sized bet is possible, and oop player can call or fold.
Now what is the starting point in order to construct a range for betting in position? Game theory says in order to bet optimally one has to add 1 bluff (zero equity hand) for every 2 value hands (the alpha ratio).
However, aren't value hands relative to oop's calling range? So let's say oop player has a calling range of AA-JJ, then my value range should be AA-KK. Should I add 77 here as a bluff?
What if oop's calling range is AA-88. Then I should bet JJ (50%) and AA-QQ for value against that range. Now should I add the bluffs dictated by the alpha ratio here?
Now, I also undesrstand that "if oop calls too much, you should never bluff, and if he folds too, you should bluff (always, if maximally explotatively, right?). Question here is,
too much compared to what?
In the same vein, another situation. Let's say I bet, in position, 100% of the pot. OOP now must call with 33% equity against my range. Now if he folds hands that have equal or better equity than 33% that would be a mistake, and if he calls with hands that have less than 33% equity against my range would be a mistake too. How can oop construct a range based on my range, if my range is based in his range?