Three Tokens and a Bluffing Rate

Ada and Bo play a stripped-down poker game. Three tokens marked 3 3 , 2 2 , and 1 1 are shuffled; one is dealt face down to each player and the third is set aside unseen. Each player antes $1 \$1 , so the pot is $2 \$2 .

Only Ada acts. She may **check**, in which case the tokens are revealed and the higher one takes the pot; or she may **bet $1 \$1 **, after which Bo either **folds** (Ada takes the $2 \$2 pot) or **calls $1 \$1 **, after which the tokens are revealed and the higher one takes the $4 \$4 pot.

Both players know the rules and each other's strategies; neither can be exploited. Find the equilibrium: how often should Ada bet with the 1 1 , and how often should Bo call with the 2 2 ?

Answer

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