Three feasible interpretations of cross-sectional hedonic price regression equations are derived from consumer choice, profit maximization by competitive firms, and market clearing, each conceptual experiment deploying a Lancastrian “new approach” to micro theory. Lancaster's theory is compared with those consumer theories of Houthakker heritage, and some limitations of each are indicated. The assertion that Adelman and Griliches' quality-adjusted hedonic price index is a constant satisfaction index is shown to necessitate interpersonal comparisons of utility, and the possibility of identifying demand and supply functions for commodities by exclusion restrictions on characteristics is rejected.