Suppose in an experiment, you randomly hand out a chocolate to half of the subjects in a large group. You then allow the subjects to trade the chocolate. That is, the ones who own the chocolate can sell theirs, and the ones who do not own the chocolate can buy from the others. The chocolates can be sold at any price the buyer and the seller agree upon, irrespective of the price in the shop. . (9 points) Explain why, in the absence of transaction costs, we would expect about half of the chocolates to change hands according to the standard theory. . (8 points) Suppose that a subject, who received a chocolate in the exper iment, has the following value function for chocolate and for money: () $20 \"' 2\\/:1: $