[ QUOTE ]
Okay, now I understand what you're talking about. In SSHE the authors say something like JJ will win more than 20% of the time against four limpers, so raising is +EV. I was wondering how to adjust that for fewer limpers. Thanks.
[/ QUOTE ]
The 20% comes from the fact that there will be 5 people in the hand, and you are 1 of them. (1 of 5 is 20%)
Against 4 random hands, JJ will win against 4 opponents about 40% of the time. Since each of the 5 people contribute 20% of the pot, but you are likely to win 40% of the time you have an equity edge that merits raising.
If 4 of your buddies got together and decided to invest in real estate, and you got 40% ownership and they each split the remaining 60% but all 5 of you were going to put up the exact same amout of money, you would be leaning to get them all to put up as much as possible because your back-end was much higher.
http://www.gocee.com/poker/HE_Value.htm is a reasonable chart to look at to get an idea of this, and how to adjust based on # of players.
PokerStove helps further when you can develop better ranges to put your opponents on, so you aren't always guessing against random hands. I.e. If it went limp, raise, reraise and cap before it got to you with JJ, you ain't winning 40% of the time.