PostgreSQL upserts - how to ON DUPLICATE KEY UPDATE

schema.sql

CREATE TABLE upserts (
  "name" character varying(255)  PRIMARY KEY,
  "value" integer
);

upsert.sql

WITH
  updated AS (
    UPDATE upserts
    SET value = value + 1
    WHERE name = 'metric.1'
    RETURNING *
  ),

  new (name, value) AS (
    VALUES ('metric.1', 1)
  )

INSERT INTO upserts
SELECT n.* FROM new n
LEFT JOIN updated u ON (u.name = n.name)
WHERE u.name is NULL;