Hey guys,
Recently I have been thinking on how calling down works and there are some things that I dont understand clearly.
Say there is a steal situation we get a raise from whatever position in the big blind and we face a cbet on the flop and we hold a bluffcatcher.
Let this be a 1/2 game, so the blinds are 0,5/1$.
If I think in one street the pot is 4.5$ and with the cbet the opponent risks 1 into it, so whe need to fold 1/(4.5+1) = 18% of our range to make him indifferent to bluffing.
However, its a rare case that someone bluffs the flop and doesnt bluff the turn and the river, most regs are usually barrel monkeys and bet through all three streets.
In this case he risks 5 bucks to win 7.5, his risk-reward ratio is thereby 1.5 and we have to fold 1/(1+1.5) = 40% of our range. With that we would be overfolding the flop, which wouldnt matter if our opponent continues to play like this.
But if he is a thinking player he may get a level over us, because he knows he has a barrel monkey image we are overfolding the flop and agains the range we continue with he does not have nuff fold equity and can start checking back turns.
Interestingly this kinda leveling indicates that this isnt a Nash equilibrium cause otherwise there wouldnt be any leveling at all.
So to find the state of equilibrium we have to assume that our opponent bets down with an optimal frequency and calculate our odds for calling down according to that.
But - and this is the bottom line - for this he needs to know what he is going to value bet on the turn and the river, and the problem is that turn and river cards might change the whole situation drastically.
He may say okay, for calling down the big blind has to risk $5 to win 9.5, therefor I need to have 1/ (1.9+1) = 34% bluffs in my betdown range, however he cant determine his betdown range right on the flop cause what he can vbet along some turns and rivers might not vbet on others. For example mediocre over/top pairs and turn and the river is like rag rag, or it brings a king and an ace.
So if ranges and equities are so plastic on the flop how can you still look forward to the upcoming streets ? Or you cant ?