Re: Game theory and bluffing question
This has been covered several times in the last few weeks on this forum, browse around for it.
The answer is not (in general 50%)
In general, you want the ratio between your bluffs and your legitimate bets to be about the same as the ratio between 1 bet and the pot size. This is so that your opponent can not profit - you are indifferent as to whether he folds or calls.
This is covered in "The Theory of Poker" by Sklanksy, and, I gather, The Mathematics of Poker.
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