Causes of the WTA-WTP disparity for consumer goods

A rational consumer values a given good at a similar level, whether he or she owns it or not, with the accuracy of the income effect. However, a number of studies, as well as the practice of some markets, indicate the existence of a clear disparity between the limit selling price, i.e. the minimum price at which a consumer is prepared to sell a good he owns, and the limit buying price-the maximum price a consumer is prepared to pay for a given good. These quantities are referred to in the literature as WTA (willingness to accept) and WTP (willingness to pay). Theoretically, WTA and WTP should not differ by much, yet in various studies their values have been found to be disparate even by several times!