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The effects of risk preferences in mixed-strategy equilibria of 2 × 2 games


Engelmann, Dirk; Steiner, Jakub (2007). The effects of risk preferences in mixed-strategy equilibria of 2 × 2 games. Games and Economic Behavior, 60(2):381-388.

Abstract

We consider the effects of risk preferences in mixed-strategy equilibria of 2 × 2 games, provided such equilibria exist. We identify sufficient conditions under which the expected payoff in the mixed equilibrium increases or decreases with the degree of risk aversion. We find that (at least moderate degrees of) risk aversion will frequently be beneficial in mixed equilibria.

Abstract

We consider the effects of risk preferences in mixed-strategy equilibria of 2 × 2 games, provided such equilibria exist. We identify sufficient conditions under which the expected payoff in the mixed equilibrium increases or decreases with the degree of risk aversion. We find that (at least moderate degrees of) risk aversion will frequently be beneficial in mixed equilibria.

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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Scopus Subject Areas:Social Sciences & Humanities > Finance
Social Sciences & Humanities > Economics and Econometrics
Uncontrolled Keywords:Risk preferences, mixed-strategy equilibria
Language:English
Date:1 August 2007
Deposited On:24 Sep 2019 10:48
Last Modified:31 Jul 2020 03:40
Publisher:Elsevier
ISSN:0899-8256
OA Status:Green
Publisher DOI:https://doi.org/10.1016/j.geb.2006.10.012

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