Article dans une série de papiers de travail :
Olivier Armantier et
Nicolas Treich,
« Star-Shaped Probability Weighting Functions and Overbidding in First-Price Auctions »,
TSE Working Paper, n°09-024, mars 2009.
Résumé
There is a debate about whether risk aversion is the main source of
overbidding in a first-price independent private values auction. As an
alternative, we adopt a non-expected utility framework, and identify
an interpretable property on the probability weighting function which
always induces overbidding.
Mots clefs
probability weighting function, auctions, overbidding, non-expected utility, risk aversion
C70 : General
C92 : Laboratory, Group Behavior
D44 : Auctions
D81 : Criteria for Decision-Making under Risk and Uncertainty
Economie comportementale et expérimentale