When students in a large class were surveyed about how much they would be willing to pay for a coffee mug with their university’s logo on it, their median willingness to pay was $5. At random, half of the students in this class were then given such a coffee mug, and each of the remaining students were given

$5 in cash. Students who got mugs were then offered an opportunity to sell them to students who had not gotten one. According to standard economic models, how many mugs would be expected to change hands? How, if at all, would a behavioral economist’s prediction differ? (LO4)