Originally Posted by
Patvs
Why "EV by street" (which people who often see situation D want) is a bad thing:
Example:
- you have AA, you raise to 80% of your stack, donkey calls, flop comes K83 rainbow.
- you then go all-in, no matter the flop, because you're committed.
- out of 100 times, 88 times donkey folds.
- 12 times donkeys calls with a set (33/88/KK).
What shall EV by street wrongly do? It shall do no computations for the 88 times where donkey folded--> "no more calculation".
What shall EV by street do the 12 times where donkey calls with a set? "Show that donkey sucked out and that you got unlucky".
So although you ran obviously really good by having donkey folding 88 times out of 100. EV by street focuses on the 12 times where donkey hit his set and tells that you're running below EV.
This is a well-known gambler fallacy. And this is why "EV by street" is biased.
Note: Tristanblue writes "it's precisely because EV by street does nothing to your adjusted-graph on these cases where the opponent folded that it is wrong".
But what if your opponent never folds? Suppose there are two players A and B.
Player A has AA, B has KK. (both have $100 stacks). They commit half their stack preflop and the flop comes AK6. Player B (KK has 1 "out") to win the hand.
If I would play this hand I would always make sure I'm allin on the turn.
However Player X always commits the rest of his stack on the flop and turn *except for one dollar*. And he commits on the river.
Of course, 4% of the time, the rivercard is the case King. Player X's EV Diff is always 0. (because he goes allin on the river)
My EV Diff (I go allin on the turn) is -$4 (96 out of 100 times) and +$96 (4 out of 100 times)
So our EV graph actually looks exactly the same after 100 of these hands.
(-4 * 96 + 96 * 4 = also equals 0!) So the EV outcome (in the long-term) is the same no matter how you play the hand. And no matter which type of EV calculation you use.