{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,10,12]],"date-time":"2025-10-12T01:44:02Z","timestamp":1760233442632,"version":"build-2065373602"},"reference-count":27,"publisher":"MDPI AG","issue":"1","license":[{"start":{"date-parts":[[2021,1,12]],"date-time":"2021-01-12T00:00:00Z","timestamp":1610409600000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Games"],"abstract":"<jats:p>Risk aversion in game theory is usually modeled using expected utility, which was criticized early on, leading to an extensive literature on generalized expected utility. In this paper we are the first to apply \u03bc\u2013\u03c3 theory to the analysis of (static) games. \u03bc\u2013\u03c3 theory is widely accepted in the finance literature; using it allows us to study the effect on uncertainty endogenous to the game, i.e., mixed equilibria. In particular, we look at the case of linear \u03bc\u2013\u03c3 utility functions and determine the best response strategy. In the case of 2 \u00d7 2 and N \u00d7 M games, we are able to characterize all mixed equilibria.<\/jats:p>","DOI":"10.3390\/g12010005","type":"journal-article","created":{"date-parts":[[2021,1,12]],"date-time":"2021-01-12T20:11:31Z","timestamp":1610482291000},"page":"5","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["\u03bc\u2013\u03c3 Games"],"prefix":"10.3390","volume":"12","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-0953-5963","authenticated-orcid":false,"given":"Uwe","family":"Dulleck","sequence":"first","affiliation":[{"name":"Centre for Behavioural Economics, Society and Technology (BEST), Queensland University of Technology, Brisbane, QLD 4000, Australia"},{"name":"Crawford School of Public Policy, Australian National University, Canberra, ACT 4000, Australia"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-0813-9667","authenticated-orcid":false,"given":"Andreas","family":"L\u00f6ffler","sequence":"additional","affiliation":[{"name":"Freie Universit\u00e4t Berlin, 14195 Berlin, Germany"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1968","published-online":{"date-parts":[[2021,1,12]]},"reference":[{"key":"ref_1","unstructured":"Von Neumann, J., and Morgenstern, O. 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