Rule of thumb at the exodus: Price the item based on the undalaying spell ... then price it based purely on the bonus(ses) it provides.
Then apply the HIGHER of the two.
So for a continuous shield spell that provides a +4 (shield) bonus to AC ... I'd price the (shield) bonus like an "armor bonus (other)", so:
Spell x Caster x Duration x 2,000gp (1 x 1 x 2 x 2000gp) is 4,000gp;
Bonus^2 x 2,500gp (4 x 4 x 2,500gp) is 40,000gp;
... the item would parse out to 40,000gp; that seems a mite high, so I'd probably halve it to 20,000gp.
All of those numbers being BEFORE affinity issues, of course.
Then apply the HIGHER of the two.
So for a continuous shield spell that provides a +4 (shield) bonus to AC ... I'd price the (shield) bonus like an "armor bonus (other)", so:
Spell x Caster x Duration x 2,000gp (1 x 1 x 2 x 2000gp) is 4,000gp;
Bonus^2 x 2,500gp (4 x 4 x 2,500gp) is 40,000gp;
... the item would parse out to 40,000gp; that seems a mite high, so I'd probably halve it to 20,000gp.
All of those numbers being BEFORE affinity issues, of course.