You are hoping they fold to a bet or raise. Against a single opponent drawing one card you may wish to still stand pat to see what happens next.
However, if two or more players make a 1 card draw they probably have a draw to a better hand than a ragged low and you should probably draw to improve. Whenever you are in late position to draw you should be keeping this move in mind, as it is important to show strength by betting or raising before the draw in order to make your standing pat believable. And the odds are against an opponent drawing 2 or 3 cards to make a good low. Standing pat signals you have a very good hand. Therefore, you should consider standing pat with just about any low hand.
This means the winning low hand is almost certainly not going to be made using any of the 2 board cards. As an example, suppose both board cards are high cards like K, Q or J or any high pair and everyone before you draws 2 or 3 cards. That is valuable information for reading your opponents' intent to play high or low. They get to learn how many cards the players ahead of them draw before they have to make their own draw. Because of the opportunity to draw cards, players in late position have an advantage. Position is important in 5-4-3 draw poker.
