n a survey people were asked two questions: (a) What is the maximum amount you would be willing to pay to prevent the extinction of blue whales? (b) If blue whales were extinct, what is the minimum compensation you would demand? The survey results were: (a) $500, (b) $200. Are the people answering this survey thinking rationally (from a neoclassical economist's perspective)? How could a behavioural economist explain the differences in their responses?