Practice & Source: (1) Business/CSR: BusinessDictionary.com
A method of pricing based on the principle that, the price of a marketed good is affected by certain external environmental or perceptual factors that can raise or lower the “base” price of that good. This is commonly applied to the housing market, where the price of a house can be affected by factors such as scenic views, house appearance, and neighborhood demand. The hedonic pricing model is used to estimate the extent that price and demand can be affected by such factors i.e. how much people are willing to pay for that good when considering these factors.
- IN BUSINESS
High Net Worth Individual (HNWI)
Practice & Source: (1) Finance/Impact investing: Investopedia
A classification used by the financial services industry to denote an individual or a family with high net worth. Although there is no precise definition of how rich somebody must be to fit into this category, high net worth is generally quoted in terms of liquid assets over a certain figure. The exact amount differs by financial institution and region, but the most commonly quoted figure for membership in the high net worth club is $1 million in liquid financial assets.
- IN FINANCE