Calculating Fold Equity on the fly

[BasketballNYC]

This is my first tactical post here but have been lurking for awhile. I am also new to playing limit but have been doing well and am pretty well read. (LOVE Ed Miller's book, changed how I see the game entirely)

People talk about Fold Equity all the time. My question is, do people actually use reasonably objective calculations when adding it to their betting or is it just a positive adjustment.

For example (hypothetical), I am heads up in a pot against a player who I have seen fold late in a hand where he thought he was beat. I call a bet on the flop with middle pair and two backdoor draws. The turn pairs the bottom card and gives me my flush draw. He bets into me again. If I know he may let go of a hand now or to another bet on the river with maybe top pair, bad kicker, does a raise have extra value on the turn? I imagine it does, but what do I do to calculate that? It could make the difference between a marginal raise and an obvious one.

Thanks for any insight, and hope to never see any of you scary people at the online tables [img]/images/graemlins/cool.gif[/img]

Matt F.