Lancaster's Characteristics Theory In 1966 Kevin Lancaster proposed a new Economic Theory based on product characteristics instead of product utility. I would like to know the status of this theory nowadays among economists specifically those dedicated to Economic Theory.
Thank You
Lancaster initiated what has come to be called "Hedonic Demand Analysis", or "Hedonic Price Analysis".

This field of analysis has been rigorously housed in microeconomic theory in the seminal paper

Rosen, S. (1974). Hedonic prices and implicit markets: product differentiation in pure competition. Journal of political economy, 82(1), 34-55.

It has also entered in a very important way applied economics and policy, since, for example, for many years now USA calculates the official Consumer Price Index using the "Hedonic" framework (mainly in order to accomodate changes in quality). There is, as one can understand, a vast literature on the matter.