UncleHoot
Friday, August 25th, 2006, 7:34 AM
QUOTE (Jdr999 @ Friday, August 25th, 2006, 10:40 AM)

Easy call with two pair.
I'm guessing you called, and they had a flush draw and hit it.
It's quite possible that this is a 60/40 situation. I am most likely a favorite, but is it worth taking that risk on the bubble with one shortstack about to get even shorter? It's also possible (though more remote) that I am beat on the flop.
I would say that it is worth risking. I just want to be certain of why. I would say that I probably had a 50% chance of winning the tournament with that hand, and perhaps a 30% chance of going out on the bubble, but that's just my guessing. If I folded, I would probably give myself a 30-35% chance of winning, with a smaller, perhaps 15-20%, chance of bubbling, but I'd probably be 80% to be somewhere in the money.
But those numbers are just pulled out of my rear, after having a feel for the other players. I can't say that I thought of all of that before deciding to fold/call.
Now, assuming that those percentages actually mean something, (c'mon just make the assumption), couldn't we then break this down into an actual table of probabilities and pay-outs?
Let's see (10+1 buy-in):
if I call (and it's a 60/40):
50% X (50) = 25 (1st)
35% X (20+30) = 17.5 (2nd or 3rd)
15% X 0 = 0.00 (bubble)
--------
implied avg pay-off, if I call = 42.50
if I fold:
30% X (50) = 15.00 (1st)
50% X (20+30) = 25.00 (2nd or 3rd)
20% X 0 = 0.00 (bubble)
--------
implied avg pay-off if I fold = 35.00
I'm not Actuary, and I'm not an actuary, either. But this seems like a decent way to view the situation. If not, please explain why. Perhaps I'm over-valuing or undervaluing some percentages, but it seems fairly reasonable to make the fold. If anyone has a better idea what those percentages might actually be, feel free to make suggestions. Yes, my biggest mistake may have been not taking the pot sooner, but that's hindsight.
(There's your 7 paragraphs)
EDIT: Changed "call" percentage to 15% for bubbling from 30% (i.e. call and lose then bubble = 30%, whereas it's probably very small if I win the hand)
EDIT 2: I suck. I was subtracting the buy-in from every potential place, which was also wrong. Perhaps the buy-in is not relavent at all.
EDIT 3: Buy-in should not be subracted until the end, or not at all. Groan.