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Assumptions
(1) 4% of hands is {99+, AQs+, AKo} or 44 combos
(2) Folding to a 3bet 85% of time = folding 37 combos, leaving his continuing range at KK+ (7 combos)
(3) If we 3bet, we 3bet to $3 (12bb).
Then:
Calling his open has an immediate EV of:
Call(EV) = (equity)(total pot) - (amount to call)
Call(EV) = (0.68)(2.35) - (1)
Call(EV) = $0.60c
3-Betting his open has an immediate EV of:
3bet(EV) = (%fold)(Ev[fold]) + (%call)(Ev[call])
3bet(EV) = (0.85)(1.35) + (0.15)(-1.6)
3bet(EV) = (1.15) - 0.24
3bet(EV) = $0.91c
Ev[call](3bet) = (equity)(total pot) - (amount)
Ev[call](3bet) = (0.22)(0.35 + 3 + 3) - (3)
Ev[call](3bet) = -$1.60
So it would appear that 3betting has a greater EV than calling. And this is obviously because of fold equity (as always). However, this is the immediate EV of each action. This means that if we 3bet/fold (as we wouldn't have the equity to felt if he shoves), then our 3bet has an EV of $0.91c.
However, us flatting his open has an immediate EV of $0.60c preflop, and in order to be > 3bet/folding we would only need to make another $0.31c postflop, which will be relatively easy seeing as we are beating the majority of his opening range (68% equity), and therefore can get value postflop.
This can be even more easily explained by the fact that if we 3bet we don't fold better, and don't get worse to call (if my assumptions are true), and therefore calling is > 3betting. Maybe not immediately due to fold equity, but calling has greater EV for the entire hand.
*Just a fwiw, my assumptions could be wrong.. But the decision lies exactly on what his range hs and how he plays that range. If he is stacking off with JJ+, then a 3bet/call is easily correct. If he is only continuing to a 3bet with KK+, then a call is clearly correct. If he is calling a 3bet with TT-QQ, AK, and 4betting KK+, then 3bet/folding is likely correct, but calling is still +EV also*
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