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In this case, unlike poker, the only place where pass beats both X and 5♥ is if ♣ make at least 5 and ♥ is down at least 3. Maybe it is the case that both 5♣ makes at least 11 tricks and 5♥X makes no more than 8 tricks at least 50% of the time, but if not, then it is hard for pass to be the right bid (even if figuring out what is the right bid between X and 5♥ is hard).
JLall's analogy was right.
Your analysis assumes you know your opponents "cards" so if your hand is better you should raise (because maybe he will call with his weaker hand) and if your hand is worse you should fold (obviously).
Back to bridge terms, you assume that you are either down 3 in 5
♥dbl or you are not and that they are making or not. Obviously you don't know that when making your decision.
Very simple example is this:
-they are always making
-you are down 3 in 40% of cases
-you are down 2 in 60% of cases.
Let's compute EV of passing versus going to 5
♥ doubled.
in 40% of cases 5
♥ loses 5imps (800 - 620 = 180 = 5imps)
in 60% of cases 5
♥ wins 3imps (620 - 500 = 120 = 3imps)
So EV of going to 5
♥ is -40% * 5imps + 60% * 3imps = -0.2imps.
So 5
♥ is correct most of the time but passing is right action (and if they are sometimes losing 4
♠ the EV difference will be much bigger)
This example is very simplistic but good enough to discard your analysis I think.