TY - RPRT ID - publications3199 UR - http://tse-fr.eu/pub/22143 A1 - Armantier, Olivier A1 - Treich, Nicolas Y1 - 2009/03// N2 - 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. PB - TSE Working Paper T3 - TSE Working Paper KW - probability weighting function KW - auctions KW - overbidding KW - non-expected utility KW - risk aversion M1 - working_paper TI - Star-Shaped Probability Weighting Functions and Overbidding in First-Price Auctions AV - public ER -