Alright I am really surprised so many guys are saying the preflop call isn't bad (as opposed to a 4bet) so I am really going to nerd out the stove a little bit. Obviously this is nowhere close to perfect - it does not really consider all the different board textures you might encounter. Nor does it consider the times he might call flop but fold turn, etc. But it should give us some kind of (very) rough estimate compared to everyone just kind of bantering.
If you raise, the third guy folds (assume 95% of the time he folds) and you're against the short stacker ev:
equity win tie pots won pots tied
Hand 0: 83.377% 82.25% 01.12% 83096684 1135814.00 { AcAd }
Hand 1: 16.623% 15.50% 01.12% 15657624 1135814.00 { 77+, AQs+, AQo+ }
You win $30 83% of the time, net +$25
You lose $26 17% of the time, -$4.42
totals $20.50 95% of the time, +19.5
If you shove and the third guy calls (about 5% of the time he calls),
equity win tie pots won pots tied
Hand 0: 70.277% 67.96% 02.31% 940909444 32043602.33 { AcAd }
Hand 1: 14.260% 12.38% 01.88% 171434480 25986374.33 { QQ+, AKs, AKo }
Hand 2: 15.464% 14.77% 00.70% 204429788 9657851.33 { 77+, AQs+, AQo+ }
You win $137 70% of the time, net +$96
You lose 109 14% of the time, net -$15
You win 57 15% of the time, +$8
totals +$89 5% of the time, +4.5
Thus you are making $24 when you shove preflop.
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If you just call preflop then:
I am going to assume the button's calling range preflop is something like 22+, A2s+, KTs+, QTs+, J9s+, T8s+, 97s+, 87s, 76s, 65s, ATo+, KJo+ [This is 20% of hands], which he never folds preflop.
Lets say his flop continuing range is QQ+,88-77 ,22,AdKd,AdQd,AdJd,AdTd,Ad9d,Ad8d,Ad7d,Ad6d,Ad5d,A d4d,Ad3d,Ad2d,KdQd,KdJd,KdTd,QdJd,QdTd,JdTd,Jd9d,T 9s,Td8d,9d8d,87s,65s, or 25% of his preflop calling range
For the sake of simplicity, I am going to assume that he makes his decision to "go with" his hand on the flop or not. Thus, you get folds on the flop about 3/4ths of the time, and your new EV is effectively the old 20.50 + 7 dollars from his preflop call. So 3/4s of the time on this board your EV is 27.50, net ~$20.5.
1/3rd of the time your ev is
Hand 0: 47.126% 45.94% 01.19% 802266 20745.00 { AcAd }
Hand 1: 39.490% 38.81% 00.68% 677727 11935.50 { QQ+, 88-77, 22, AdKd, AdQd, AdJd, AdTd, Ad9d, Ad8d, Ad7d, Ad6d, Ad5d, Ad4d, Ad3d, Ad2d, KdQd, KdJd, KdTd, QdJd, QdTd, JdTd, Jd9d, T9s, Td8d, 9d8d, 87s, 65s }
Hand 2: 13.383% 12.83% 00.55% 224037 9691.50 { 77+, AQs+, AQo+ }
47% of the time you win $137, net +$64
39% of the time you lose $109, net -42
13% of the time you win $57, net +$7
totals +$29 * 1/4 = ~7.5
Thus, on this particular flop, your EV of all the possibilities is $28, compared to the shove preflop's profit of $24. This is all very rough for the reasons I mentioned in the beginning of the post. If the board is something like K72r, you'd expect the value of your slow play to increase, but if the board came out 3 straight with a flush draw, then you'd expect the value of your slowplay to go down a lot. All in all it is a very close spot I'd say between the preflop shove and the slowplay. Maybe someone can improve upon what I've done - this isn't anywhere near close to perfect.
tldr: To my surprise, the preflop slowplay, using my very rough way of estimating, will show a $4 increased profit over a 4bet. If someone has a better way of figuring this out (that is still somewhat efficient) then please show me - I'd really like to know.