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HEDONIC PRICING MODEL: A statistical model used to identify factors or influences on the price of good based on the notion that price is based on both intrinsic characteristic and external factors. The hedonic pricing model is most commonly used in the housing market in which the price of housing is based on the physical characteristics of the house (size, appearance, features) and the surrounding neighborhood (accessibility to schools and shopping, quality of other houses, availability of public services). Estimating hedonic prices makes it possible to identify the extent to which specific factors affect the price.
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MONOPOLISTIC COMPETITION, ADVERTISING Advertising is commonly used by firms operating under monopolistic competition as a way to create product differentiation and thus to acquire some degree of market control and thus charge a higher price.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"Chance favors only the prepared mind." -- Louis Pasteur, biologist
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NORC
National Opinion Research Center
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