The most common example of the hedonic pricing method is in the housing market, wherein the price of a building or piece of land is determined by the characteristics of the property itself (e.g., its size, appearance, features like solar panels or state-of-the-art faucet fixtures, and condition), as well as characteristics of its surrounding environment (e.g., if the neighborhood has a high crime rate and/or is accessible to schools and a downtown area, the level of water and air pollution, or the value of other homes close by). Hedonic pricing also has significant drawbacks, including its ability to only capture consumers’ willingness to pay for what they perceive are environmental differences and their resulting consequences. For example, if potential buyers are not aware of a contaminated water supply or impending early morning construction next door, the price of the property in question will not change accordingly.

Hedonic Regression methods are used to estimate these price differentials. The Hedonic Pricing Method (HPM) as mentioned earlier is a form of revealed preference method of valuation and it uses surrogate markets to estimate the value of the environmental amenity.

Hedonic pricing also does not always incorporate external factors or regulations, such as and, which could also have a significant impact on prices.

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