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	Slutskyekvationen	Travel Cost Method
Ämnesområde	Nationalekonomi	Nationalekonomi
Familj	Regression model	Process / pipeline
Ursprungsår	1915	1949
Upphovsperson	Eugen Slutsky	Harold Hotelling
Typ	Demand decomposition identity	Revealed preference recreation demand model
Ursprungskälla	Slutsky, E. E. (1915). On the Theory of the Budget of the Consumer. In G. J. Stigler & K. E. Boulding (Eds.), Readings in Price Theory, 27–56.	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	Slutsky Decomposition, Income and Substitution Effects	TCM, Recreation Demand Model, Zonal Travel Cost
Närliggande	2	2
Sammanfattning	The Slutsky equation, derived by Russian economist Eugen Slutsky in 1915, is a fundamental identity in microeconomics that decomposes the total change in demand for a good into two effects: the substitution effect and the income effect. Formalizing John Hicks' later interpretation, it provides the mathematical foundation for understanding consumer response to price changes and for distinguishing welfare-relevant demand responses.	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.