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The following question concerns Cohen, Hahn, Levitt and Metcalfe (2016). a) Why is it very challenging to empirically estimate consumer surplus? (10 points) b) How

The following question concerns Cohen, Hahn, Levitt and Metcalfe (2016).

a) Why is it very challenging to empirically estimate consumer surplus? (10 points)

b) How did the authors overcome the challenges? (15 points)

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