I can see I made a slight mistake by not adding the hero's 37.80BB to the flop pot, which changes the equity required to stack off down to 15% although it does not change the equity on the PPT graph. We still only get more than 15% equity 67% of the time.

I guess villain can call and fold if the flop comes 234r or 552.  Thing is, there won't be all that many flops where he doesn't have 15% or better.  Even on 568 with backdoor diamonds he pretty much has the equity to call it off.  When I run it in PPT I get 75% flops with <15% equity, I don't know why we get different results there. 

The argument for shoving instead of calling is if V. is not super sharp with equities.  It's going to be very marginal in some spots and if he thinks he might make some mistakes he might just as well shove preflop and avoid those mistakes.

And if there's any question of you having AA when you 5-bet, V should just obv get it in pre.

That said...  even if you would be wide here, V. has put in 36BB and is now looking at playing for another 110BB as a severe underdog.  In some situations he may have a break even play by getting it in, but given the rake at these stakes I would expect it to actually be a losing play. 

It probably makes sense to look at the whole situation here.  If all the money goes in preflop, V. plays for his whole stack as a 2:1 dog (roughly).  That just won't be a winning play, regardless of what odds he's getting when you 5-bet.  His biggest mistake is 4-betting this hand.  This could be a good play in some situations, but this just isn't one of them.  

Yeah, your math isn't correct. First things first, the equity required to stack off isn't 33%, it's around 37.5. You calculate this by diving money behind by total pot once all in - (147.8-36.2)/296.5 = 111.6/296.5 = 37.6%. This obviously makes a difference given his hand only has about 37.92% against AA and therefore stands to make a tiny profit of around 1bb. Given rake, jamming will actually be a slightly losing play.

However, calling shows a pretty solid profit. If we stack off every time we have the necessary equity (which is 12.7% - 37.8/296.5), we will be putting it in about 84% of the time w/ an average equity of around 48% (I say around 'cas PPT sims like this aren't perfectly precise and have a decent margin of error). On that assumption, the 84% of the time villain stacks off postflop, he'll make a 31bb profit on the call (which was 73.8bbs given 36.2 was already in the middle). However, the 16% of the time he has to fold, he'll lose the 73.8 he just put in - conceptually different to the assumption you were making 'cas you weren't treating the initial 4-bet as lost/no longer villain's which you should have been given it's already in the pot. If we multiply these wins and losses by their frequencies (0.84 and 0.16 respectively) and add them together, we are given actual profit on the call: 14.5bbs.

This shows that calling performs significantly better than shoving would have done, but he'll still show a net loss in the hand (given that 14.5bb profit comes after he'd already lost 36.2bbs 4-betting). Therefore, when he checks his PokerTracker for spots similar to this, he'll find himself losing, on average, over 20bbs (your profit w/ AA). However, that doesn't mean he made a mistake continuing after the 5-bet because had he not done, he would have sacrificed the 36.2 he'd put out there which would have been a far greater loss than the one he incurred playing to the finish.

Conclusion: His call was the clearly the best play open to him.

Thanks Tom for the indepth posts ITT