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Hedonic Pricing

   Also found in: Wikipedia 0.06 sec.
Hedonic Pricing
A model identifying price factors according to the premise that price is determined both by internal characteristics of the good and external factors affecting it.

Notes:
The most common example of the hedonic pricing method is in the housing market: the price of a property is determined by the characteristics of the house (size, appearance, features, condition) as well as the characteristics of the surrounding neighborhood (accessibility to schools and shopping, level of water and air pollution, value of other homes, etc.) The hedonic pricing model would be used to estimate the extent to which each factor affects the price.



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Using an economic method known as the hedonic pricing technique, in combination with the spatial analyses made possible by the advent of geographic information system (GIS) technologies, it is now possible to conduct far more detailed and accurate analyses of the impacts of open spaces on surrounding property values.
Measuring the impact of parks on property values: new research shows ... by Nicholls, Sarah / Parks & Recreation
For example, for computers, hedonic pricing derives a price for a bundle of computing power from the observed price of a computer "box" by estimating a relationship between the observed price and characteristics such as processor speed and memory size.
Productivity Developments Abroad by Workman, Lisa / Federal Reserve Bulletin
Other potential methods include hedonic pricing, hedonic travel cost, and opportunity cost methods.
Wilderness valuation by Hill, Brian J. / Parks & Recreation
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