[Zag]

I think that the calculations for EV are very different between limit and NL and PL, such that a play that is +EV in one might be -EV in another. The reasons are the implied odds AND the reverse implied odds can change things completely.

For example, in fixed limit, you would never cold call a raise preflop with 67s. In PL or NL, if the stacks are deep and you have position on the field, it is often the right play. The reason is that in fixed limit, you are putting in two small bets with in the hope of a monster where you might win 10 to 15 small bets -- at best 6 or 7 times your preflop investment. In PL or NL, if you strike a monster, you could win 20 times your preflop investment. So the call is -EV in limit, but +EV in PL.

And the reverse can happen: Say you have KQs, the flop is KJx, and an aggressive player bets into you. In a limit, you would certainly raise, either on the flop or the turn. In no limit, you would think seriously about folding -- it is just too expensive to be outkicked, which is what you probably are if you raise back and him and he keeps playing.