[RustyBrooks]

Whether I raise a completion on 3rd has most to do with what I know about the player, as well as who's left to act after me.
* If I am the last low card to act I often call, sometimes raise
* Just calling makes it more correct for people behind you to call with hands you'd probably prefer they fold.
* If there are more low cards to act I tend toward raising to get hand heads up.
* However if there are a bunch of donkeys to my left, who are going to call 2 with any hand they'd call 1 with, I still raise sometimes, but less.
* At all times I am trying to avoid playing big pots multiway.

I will sometimes call if I brick if I have 3 live wheel cards, especially if my pairs outs are face up. It's never wrong to fold in this situation but it's often not too wrong to call.

It's true, in Sklansky's book he just lays out kind of a silly rule of thumb for this situation, I prefer to think about the reason behind the rule so that I can apply it to sitations that the rule does not completely cover.

For real razz noobs: it is never terribly wrong to fold 4th in the case the OP describes. Folding is, at most, a very small mistake. Your opponent would have to have started with a bad hand pretty often for folding to be a big mistake.

Also note that steal-situation hands have totally different considerations and rules. Everything I talk about here is assuming that both you and your opponent are in a situation where you should reasonably expect both of you to have quality hands.