This method estimates the implicit price of the attributes that differentiate closely related products in a
product class. The price of an individual characteristic is called the implicit or shadow price. The method
has been used extensively for real estate valuation and in particular for valuing willingness to pay for
environmental amenities. It has been used to examine the impact of climate change on the price of housing
(Rehdanz 2006; Rehdanz and Maddison 2008). In tourism research, it has been applied to package tours
(Clewer, Pack et al. 1992) and rural tourism accommodation (Fleischer and Tchetchik 2005) and to
measure accommodation prices and coastal landscapes in Germany (Hamilton 2006).