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Demand Theory: Time Allocation and Outdoor Recreation

Published online by Cambridge University Press:  28 April 2015

Robert R. Wilson
Robert R. Wilson*
Affiliation:
Department of Agricultural Economics and Institute of Statistics, Texas A&M University
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Extract

The concept of demand has evolved through the centuries, enriched by the natural-value, exchange-value controversy and the diamond, water paradox of the classicists [11], the intuitive insights of Marshall [8], and the mathematical rigor of Slutsky [10], and Hicks and Men [6]. These developments led to the conceptualization of a demand function as a solution function to a constrained extremum problem [5,6,9, 10].

Type
Research Article
Information
Journal of Agricultural and Applied Economics , Volume 3 , Issue 1 , December 1971 , pp. 103 - 108
Copyright
Copyright © Southern Agricultural Economics Association 1971

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References

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