The method of the hedonic prices relates the market
price of a certain good with the characteristics that define it, thus enabling the monetary value of each characteristic to be calculated by observing the differences
in the market price of commodities sharing the same
attributes. The starting hypothesis is that goods are
formed by a heterogeneous set of attributes or characteristics. Therefore, when acquiring a good, we can
consider the price we have paid for it to be the sum of
the price paid for each one of its characteristics, so that
an implicit price exists for each one of the attributes
defining the good. This is expressed as