WTA-WTP differences must be small since they vary only by an income effect. However, Hanemann proposed that the differences between WTA and WTP could be arbitrarily large (infinite in the limit), depending on the degree of substitutability between the non-market good and other ordinary market commodities [9,10]. Other authors claim that the difference between WTA and WTP expressed for the same good may be due to a hypothetical bias. So, the less information there is about the good evaluated and the higher the costs of information, greater is the bias, and greater the WTA/WTP ratio [11]. Perhaps the most studied theory turns around "loss aversion".The difference between WTA and WTP for the same good or service has been widely studied through both theory and experiments [8]. Economic theory has attributed the differences found in valuing a good or service by WTA and WTP to an "income effect". The payment capacity is reached before satisfaction with the compensation is perceived.
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