Since being introduced by Rosen (1974) to the residential market, it has developed to one of the most widely used models in the real estate industry. The HPM was first proposed by Court in 1939. Therefore, the HPM is well suitable for real estate appraisal. The hedonic price model (HPM) focuses on the impact of property characteristics on its price, including location, housing structure and neighborhood factors. There are obvious differences among products in the characteristics that constitute the use value. Residential products have the characteristics of durability and spatial fixation, and are heterogeneous commodities. ![]() In economics, it refers to the utility or satisfaction brought by goods or services to consumers. ![]() The word "hedonic", which means pleasant, is derived from the Greek word "hedonikos".
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