Originally posted by Palynka
Edit - Scratch that. Great job iamtiger!
Edit2 - However, even though the expected value is -1/18, there's seems to be a mistake with those 50%. When P1 always raises with King is then he calls with a Q on 2/3 of the occasions. Also, P2 must call with Q on 1/3 of the time.
Hmm, sorry, I lazily didn't explan the 50% "call" reason. Its because, with the 1/3rd (exactly) chance of raising with a jack and the 100% chance of raising with the king it makes no difference at all whether the player with the queen folds or sees.
Say the player with the queen folds, he loses $1
Say he sees: he has a 3/4 chance of seeing a king and losing $2, but a 1/4 chance of seeing a jack and winning $2. So his expected loss is 2*3/4 - 2/4 = $1
In fact this means that the ratio of calls to passes of the player with the queen can be anything at all, it doesn't affect his profit.
This equality of seeing/passing is balanced on a knife-edge. If the player with the king/jack shifts his probabilities so that more than 1/4 of the raises are jacks, then the player with the queen should
see every time for optimal profits, similarly if the player with the king/jack under-raises jacks, then the player with the queen should
pass every time. Each of these deviations reduce the profit of the player with the king/jack
as long as the queen player responds appropriately, but in play such a shift might take time to detect, and in the interim the profits of the king/jack player are increased.
I thought 50% seeing might be wise as it gives no obvious "way to go" for the king/jack player if he is thinking about shifting the probs.
So the 1/4 jack point is the only point that works for a 50% seeing strategy, but is also the point that maximises the profits of the player with the king and jack.
Nice work with the mathematica solution by the way. Sadly I don't have mathematica,and I'm not a student so I can't get it cheap 🙁