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PERFECT PRICE DISCRIMINATION: A form of price discrimination in which a seller charges the highest price that buyers are willing and able to pay for each quantity of output sold. This is also termed first-degree price discrimination because the seller is able to extract ALL consumer surplus from the buyers. This is one of three price discrimination degrees. The others are second-degree price discrimination and third-degree price discrimination.
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                           CONSUMER PRICE INDEX FOR URBAN WAGE EARNERS AND CLERICAL WORKERS: An index of prices of goods and services typically purchased by urban wage earners and clerical workers. This carries the official abbreviation CPI-W to distinguish it from its more famous sister index CPI-U, which is the standard Consumer Price Index for All Urban Workers, (commonly abbreviated simply as CPI). Like the standard CPI, the CPI-W is compiled and published monthly by the Bureau of Labor Statistics (BLS), using price data obtained from an elaborate survey of 25,000 retail outlets and quantity data generated by the Consumer Expenditures Survey. The CPI-W is a continuation of the original CPI developed early in the 1900s to provide cost-of-living adjustment information to wage-earning workers (which is why the Bureau of LABOR Statistics oversees consumer PRICE indexes). Because the original CPI (now CPI-W) was based on goods and services purchased by wage-earning workers, it was replaced by the newer CPI-U in 1978 to provide a broader, more comprehensive measure of the economy's price level. In particular, the newer CPI-U includes the prices of goods and services purchased by about 80 percent of the non-institutionalized population while the older CPI-W includes about only 32 percent.While the CPI-U is the broader, and presumably more accurate, measure of the macroeconomy's price level, the CPI-W is not a bad measure. The two indexes do tend to move in tandem. For example, the more comprehensive CPI-U for December 2003 is 184.3 while the narrower CPI-W has a value of 179.9. Over two decades (from the 1982-84 base period to 2003), the two indexes differed by only 4.4 index points (or 2.5 percent); not perfect, but not too bad, either.
Recommended Citation:CONSUMER PRICE INDEX FOR URBAN WAGE EARNERS AND CLERICAL WORKERS, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: August 14, 2022].
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"And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. " -- Andrew Carnegie, entrepreneur
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ICSID
International Center for the Settlement of Investment Disputes
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