[dave44]

Stellar, how much weight do you give to the concept of "initiative"? It seems to me that "initiative" may not actually be a real advantage in a game between two perfect players.

Putting in the last raise preflop tends to limit the range of hands a player can be put on. On one hand, this can help you steal a pot when a flop hits your strong range of hands hard, but misses your particular hand. On the other hand, when your opponent can limit your range of hands, he can play better against you.

If players simply erased their memory of who put in the last raise, all that last raise you put in preflop did was allow your opponent to better define your hand.

Thus, I don't think that the way people discuss "initiative" having value is always correct. Against a weak player who will now fold too much, there is value. But against an aggressive player who can read hands, "initiative" doesn't seem to mean anything. Deciding whether to put in that last raise should be made based on the benefits in the immediate value you gain and the cost of allowing your opponent to define your range more accurately.