3. Can the toy model of status quo bias from Lecture 3 explain each of the following findings from class? If so, give an example of values for the utility function and that would explain the experimental results. If not, can you suggest a way to modify the model to explain the choices? (It is sufficient to explain the choices of a typical individual exhibiting status quo bias, and not the full distribution of choices.) (a) The Johnson and Goldstein (2003) finding on organ donations (b) The Iyengar and Lepper (2000) experiment on choice overload in jam choices (c) The Knetsch (1989) experiment on the endowment effect in the exchange paradigm