Obviously bluffing is an important element of poker, and bluffing too often, or not often enough will negatively affect your winnings, but is there a rule of thumb for how often you should bluff? For example, if I bluff once or twice an hour, is that too infrequent? If I bluff about once in a button cycle, is that too often? What's the optimum bluff frequency?
According to David Sklansky, game theory shows that a player should bluff a percentage of the time equal to his opponent's pot odds to call the bluff. For example, in the final betting round, if the pot is $30 and a player is contemplating a $30 bet (which will give his opponent 2-to-1 pot odds for the call), the player should bluff half as often as he would bet for value (one out of three times).
David Sklansky, in his book The Theory of Poker, states "Mathematically, the optimal bluffing strategy is to bluff in such a way that the chances against your bluffing are identical to the pot odds your opponent is getting."
So, if I generally bet half the pot, I should be bluffing 40% of the time; if I generally bet twice the pot, I should be bluffing 25% of the time. Sounds like a lot to me - how does this sit with everybody's experience?