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Armantier, Olivier and Treich, Nicolas
(2009)
Star-Shaped Probability Weighting Functions and Overbidding in First-Price Auctions.
TSE Working Paper, n. 09-024
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Official URL : http://tse-fr.eu/pub/22143
Abstract
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.
| Item Type: | Monograph (Working Paper) |
|---|---|
| Language: | English |
| Date: | March 2009 |
| Uncontrolled Keywords: | probability weighting function, auctions, overbidding, non-expected utility, risk aversion |
| JEL Classification: | C70 - General C92 - Laboratory, Group Behavior D44 - Auctions D81 - Criteria for Decision-Making under Risk and Uncertainty |
| Subjects: | B- ECONOMIE ET FINANCE |
| Divisions: | TSE-R (Toulouse) |
| Site: | UT1 |
| Date Deposited: | 18 Jan 2012 06:00 |
| Last Modified: | 18 Apr 2024 11:43 |
| OAI Identifier: | oai:tse-fr.eu:22143 |
| URI: | https://publications.ut-capitole.fr/id/eprint/3199 |
