Let's pretend our opponent bets the river(creates 0ev call situation for lots of turn bluffcatchers unimproved on the river). He bets 50% of the time 1/2 pot and 10% of the time he bets pot. If he checks, you win 50% of the time. This is your ev after calling a bet on the turn with a hand that will be an 0ev bluffcatcher on every river:
assume pot = 1
(pot * .4 * .5) = .2 pot.
This means that if you invested more than 20% of the pot on the turn, it was an unprofitable call
or: same betting frequency, but now you win 75% of the time vs a check(this player likes to value bet thin):
(pot * .4 * .75) = .3 pots
again if you invested more than 30% of the pot on the turn, it was an unprofitable call. hint: calling 1/2 pot bet on turn is 25% investment. calling pot on turn is 33% investment.
How does draw value change this?
https://forumserver.twoplustwo.com/1...17/?highlight=
thread got sidetracked explaining why the marginal call/fold decisions are not sensitive to earning ev on future streets from a source other than (win checkdown).
Quote:
There are two ev sources for bluffcatchers in equilibrium on the turn:
a) free showdown ev
b) draw value
"bluffcatching ev on the river" is not an ev source, because hands that can only beat a bluff are 0ev by definition in equilibrium, with the exception of hands with good blocking qualities, which are slightly +ev.
so to calculate (a) when facing a bet:
opponent's river check frequency * pot * my equity vs checking range = (free showdown ev)
to calculate (b) when facing a bet:
% hit hand * equity when hit hand * pot = (draw value)
the sum of (draw value + free showdown ev) = total ev of bluffcatching the turn in bb. If we set (pot = 1) then the value will be a fraction or a percentage of the pot.
Please let me know if I missed anything. Thanks.