ρ at 0 . 9, 0 . 8, 0 . 7, and 0 . 6, respectively. For each value of ρ , we estimate all other parameters from the demand and supply models presented in Sections 4 and 5. We then run our main counterfactuals and calculate the changes in consumer welfare under the different parameters. We show that our main results are qualitatively similar when we assume lower values of ρ .
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