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I think this is a really interesting problem, so I've used some of youse guys research and done some math using the simple ICM (each person's chance of 1st is proportional to the percentage of chips they have) to see what comes out. I've done some rounding as I was doing the math by hand.
First, the case where you fold:
We have a pot of 26200 with SB and BB in the pot and stacks of:
SB:0
BB: 9900
Button: 4300
Using Pyroxene's #s, we have 26% SB wins yielding:
26%(folds)
SB: 26200
BB: 9900
Button: 4300
The ICM gives us for the Button,
1st: 10%
2nd: 25%
3rd: 65%
We also have 74% BB wins:
74%(folds)
SB: 0
BB: 36100
Button: 4300
which gives us
1st: 10%
2nd: 90%
The payout is 37/27/18, so if we fold, we win:
.26(.1*.37+.25*.27+.65*.18)+.74(.1*.37+.9*.27)= 0.2648(folds)
Now, suppose we call. I am making an assumption here that when the Button wins, the SB and the BB will each take the side pot half the time. If AK wins by catching an A, the BB will also beat QQ. Sure, the BB will probably take it a little more than half, but it won't change the numbers much.
Using iopq's #s, we win 36%:
18%(call, SB takes sidepot)
SB: 10100
BB: 9900
Button: 20400
ICM gives us:
18%(call)
1st: 50%
2nd: 34%
3rd: 16%
18%(BB takes side pot)
SB: 0
BB: 20000
Button: 20400
1st: 50%
2nd: 50%
And 64% of the time we take 3rd.
So, for calling, we expect to gain:
.18(.5*.37+.34*.27+.16*.18)+.18(.5*.37+.5*.27)+.74 *.18= .2458(calls)
So, it looks like it is a close decision but folding takes it:
EV(folds): 26.48%
EV(calls): 24.58%
This is as the hands were dealt. I think it is reasonable to put one of our opponents on Ax and the other on a pp. But is there a reason to assume that it is the BB that has the pp? What happens if we assume it is equally likely for each to have the pp? This won't change the results if we call, but it changes them significantly if we fold. All we have to do is change the 26% and 74% in the first calculation to 50% each and we get:
.50(.1*.37+.25*.27+.65*.18)+.50(.1*.37+.9*.27)= .2508
This give us
EV(folds): 25.08%
EV(calls):24.58%
Almost dead even, but the fold still slightly ahead. So if we are right in thinking there is a pp out there, I couldn't fault either decision. This is such a close call that it makes sense that so many of us are on each side of the fence here. I actually think that in practice, the call is slightly ahead against the ranges of hands theSB and BB might have because the odds of winning if neither of our opponents has a pp go up so dramatically. For a really accurate analysis of this decision, we would need to know the odds that in this situation with typical players, that noone has a pocket pair. (Anyone out there have a huge database with an excellent search program?)
Remember: 'It's only a model'
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