Demand Theory: Time Allocation and Outdoor Recreation

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].