Title

CWU Student Price Index

Document Type

Oral Presentation

Campus where you would like to present

Ellensburg

Event Website

https://digitalcommons.cwu.edu/source

Start Date

16-5-2021

End Date

22-5-2021

Keywords

INFLATION, COST-OF-LIVING, STUDENT-EXPENDITURE

Abstract

This project aims to develop a price index of the cost of college living in Ellensburg. To be consistent with the information provided by the Bureau of Labor Statistics (BLS) for the U.S., but more representative of CWU students’ cost of living, we administered a student expenditure survey to collect information on the expenditures and purchasing habits of the average student on the Ellensburg campus. This data provided the weights for the basket of goods purchased during a typical month. We then collected prices of the items in the basket from various stores in Ellensburg to calculate the first measure of inflation. This index’s key strength is its applicability to students who are known to have different spending profiles than the average U.S. consumer. For example, we find that 42% of the typical student’s monthly expenditure is spent on housing relative to the 33% reported by the BLS. Our initial findings reveal that the SPI decreased by 0.2 percent in February 2021 relative to the preceding month. The results from this study and future updates are expected to provide useful insights regarding students’ cost of living, which is of immense relevance to university administrators and current and prospective students. This ongoing project should also guide the university administration regarding housing, tuition, and student wage. Winner, College of Business Presentation Award.

Faculty Mentor(s)

Tennecia Dacass

Department/Program

Economics

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May 16th, 12:00 PM May 22nd, 12:00 PM

CWU Student Price Index

Ellensburg

This project aims to develop a price index of the cost of college living in Ellensburg. To be consistent with the information provided by the Bureau of Labor Statistics (BLS) for the U.S., but more representative of CWU students’ cost of living, we administered a student expenditure survey to collect information on the expenditures and purchasing habits of the average student on the Ellensburg campus. This data provided the weights for the basket of goods purchased during a typical month. We then collected prices of the items in the basket from various stores in Ellensburg to calculate the first measure of inflation. This index’s key strength is its applicability to students who are known to have different spending profiles than the average U.S. consumer. For example, we find that 42% of the typical student’s monthly expenditure is spent on housing relative to the 33% reported by the BLS. Our initial findings reveal that the SPI decreased by 0.2 percent in February 2021 relative to the preceding month. The results from this study and future updates are expected to provide useful insights regarding students’ cost of living, which is of immense relevance to university administrators and current and prospective students. This ongoing project should also guide the university administration regarding housing, tuition, and student wage. Winner, College of Business Presentation Award.

https://digitalcommons.cwu.edu/source/2021/COB/1