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	Hedonisk prissättningsmodell	Travel Cost Method
Ämnesområde	Nationalekonomi	Nationalekonomi
Familj	Regression model	Process / pipeline
Ursprungsår	1974	1949
Upphovsperson	Sherwin Rosen	Harold Hotelling
Typ	Revealed preference valuation method	Revealed preference recreation demand model
Ursprungskälla	Rosen, S. (1974). Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition. Journal of Political Economy, 82(1), 34–55.	Hotelling, H. (1949). An Economic Study of the Monetary Valuation of Recreation in the National Parks. U.S. Department of Interior, National Park Service.
Alias	Hedonic Regression, Characteristics Pricing Model	TCM, Recreation Demand Model, Zonal Travel Cost
Närliggande	3	2
Sammanfattning	The hedonic pricing model, developed by Sherwin Rosen in 1974 and building on Kevin Lancaster's characteristics theory (1966), is an econometric method for valuing the implicit prices of product attributes by regressing market prices on observed characteristics. It reveals the trade-offs consumers are willing to make among product features and can be used to infer valuations of environmental amenities (e.g., air quality via house prices) and to adjust price indices for quality changes.	The Travel Cost Method (TCM), developed by Harold Hotelling in 1949 and formalized by Marion Clawson and Jack Knetsch in the 1960s, is an econometric approach for valuing recreational sites and environmental amenities by inferring value from the travel costs (transportation, time, entry fees) that people incur to visit them. The core principle is that distance traveled and travel costs reveal how much people value a recreation site: those traveling far incur high costs, implying high value.