The ultimate goal of this class is to apply its concepts to real-world phenomena. In this question we want to give you a (further) chance to do that using everything we've learned so far. As such, we'll grade generously as long as you can demonstrate that you've thought a bit about the issue you pick. Which is all a way of saying no need to worry too much! (a) Propose a policy question where the possibility of consumer mistakes is seen to be part of the policy discussion. Provide a quote that suggests participants in the debate think consumers might be making mistakes. Please avoid policy questions that were already extensively covered in papers taught by Prof Taubinsky. (b) Articulate, using the concepts learned in class, a specific behavioral bias that might be relevant for your chosen policy question. (c) Propose a policy approach that could improve welfare, given consumers' mistakes. Discuss the pros and cons. (d) Discuss how you might estimate the consumer bias in question. In particular, suggest an empirical strategy that could allow us to get at "" from lectures (i.e., the vertical difference between the market demand curve and the demand curve that would result if consumers were free of behavioral biases).