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The e4 pawn in the Ruy Lopez

I'm unclear how to relate to the e4 pawn in the Ruy Lopez. Should White try to hang on to it, or let black take it?

Observations:
- abandoning the pawn for Black's capture will open the b1/h7 diagonal for White's bishop
- some theory lines suggest castling after Nf6, others support it with d3

If I knew how I was supposed to be relating to the pawn, it would help my Ruy Lopez games greatly.
It seems to me that black's king pawn on e5 is the pawn to relate to...as it is the one under attack. :]
White, by virtue of having the first move, gets a lead in development. If black takes the pawn too soon, then white can argue that his lead in development will compensate for the pawn: white usually castles and opens the position quickly with d4 (not necessarily in that order!), and black usually gives the pawn back in order to remain comfortable.

Once black is able to castle, however, both sides definitely want to keep their own e pawn (that is, if it is ever captured, they want to take back with a pawn). I recall a game in which Capablanca played white, and his opponent managed to play d5 and trade on e4; and Capablanca recaptured with his own d-pawn, of course.

If either side gives up their foothold in the centre (their respective pawn on the e-file), then that usually doesn't bode well for them.
I mean it is a bunch of theory, a whole encyclopedia.

Recommendation: in case of doubt just protect it, Re1, d3, Nc3. This fits in the normal „theory“ and keeping the pawn can‘t be wrong in the first place.
Yes, of course, my previous post should probably be considered (my own) basic guidelines, rather than actual rules. And I second Sarg0n's recommendation as well: if in doubt, d3 will keep the pawn and almost certainly won't lose the game.
I don't think questioning the e4 pawn is really the way to understand the opening. My suggestion would be to get the book called, "Mastering the Spanish". And learn the opening based on pawn structure. The three ways to understand an opening is 1. Pawn structure, 2. Piece placement, and 3. Common themes/tactics. The book I recommended starts you on that path. Then you look at master games.

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