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A Comparison of Three Economic Impact Models for Applied Hospitality and Tourism Research

Author

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  • Mark A. Bonn

    (Dedman School of Hospitality, College of Business, Florida State University, 1 Champions Way, UCB, Room 4104, Tallahassee, FL 32306-2543, USA)

  • Julie Harrington

    (Center for Economic Forecasting and Analysis, Florida State University, Tallahassee, FL, USA)

Abstract

This study examines the differences between three economic impact models: the capacity utilization model (CUM), Regional Economic Models, Inc (REMI) and the impact analysis for planning (IMPLAN) model with a view to providing insights into their applicability for hospitality and tourism educators and researchers. Four databases have been used to compare the results concerning total output, income and employment. The results were most dissimilar for the ‘income’ variable. The difference in income lies in the fact that the three models estimated income in three different ways. The CUM estimated ‘payroll’, REMI estimated ‘disposable personal income’ and IMPLAN estimated ‘value added’. Due to the different income measurements, REMI's income estimates were the highest, while the CUM's were the lowest. This study does not strive to recommend one economic impact model over another; however, it does examine the behaviour of the respective models concerning various data sets and describes the underlying characteristics of the models.

Suggested Citation

  • Mark A. Bonn & Julie Harrington, 2008. "A Comparison of Three Economic Impact Models for Applied Hospitality and Tourism Research," Tourism Economics, , vol. 14(4), pages 769-789, December.
    • Handle: RePEc:sae:toueco:v:14:y:2008:i:4:p:769-789
    DOI: 10.5367/000000008786440148
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    References listed on IDEAS

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    1. R. Keith Schwer & Dan S. Rickman, 1995. "A comparison of the multipliers of IMPLAN, REMI, and RIMS II: Benchmarking ready-made models for comparison," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 29(4), pages 363-374.
    2. Dan S. Rickman & R. Keith Schwer, 1993. "A Systematic Comparison Of The REMI and IMPLAN Models: The Case Of Southern Nevada," The Review of Regional Studies, Southern Regional Science Association, vol. 23(2), pages 143-162, Fall.
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    2. A. N. Petrov & L. V. Khoreva & E. G. Karpova & Ya. V. Shokola, 2019. "Input of Congress-Exhibition Services to the Economy of a Destination: Development of Assessment Methodology," Administrative Consulting, Russian Presidential Academy of National Economy and Public Administration. North-West Institute of Management., issue 12.
    3. Sungsoo Kim & Chad R. Miller, 2017. "An economic model comparison of EMSI and IMPLAN," Tourism Economics, , vol. 23(5), pages 1124-1130, August.
    4. Eric Beckman & Mark Traynor, 2019. "Utilizing trade market analysis to identify the economic impact of a multiday special event in Miami Beach, Florida," Tourism Economics, , vol. 25(2), pages 253-273, March.
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    6. Martin Kenneally & Keith Jakee, 2012. "Satellite Accounts for the Tourism Industry: Structure, Representation and Estimates for Ireland," Tourism Economics, , vol. 18(5), pages 971-997, October.
    7. Sungsoo Kim, 2021. "Assessing economic and fiscal impacts of sports complex in a small US county," Tourism Economics, , vol. 27(3), pages 455-465, May.
    8. Mounsey, Sarah & Veerman, Lennert & Jan, Stephen & Thow, Anne Marie, 2020. "The macroeconomic impacts of diet-related fiscal policy for NCD prevention: A systematic review," Economics & Human Biology, Elsevier, vol. 37(C).
    9. Ki-Hoon Lee & Minwoo Lee & Nuwan Gunarathne, 2019. "Do green awards and certifications matter? Consumers’ perceptions, green behavioral intentions, and economic implications for the hotel industry: A Sri Lankan perspective," Tourism Economics, , vol. 25(4), pages 593-612, June.
    10. Christelle Khalaf & G. Jason Jolley & Candi Clouse, 2022. "The Economic Impact of Small Colleges on Local Economies: A Guide to Attainable Data and Best Practices," Economic Development Quarterly, , vol. 36(1), pages 17-32, February.
    11. Haiyan Huang & Luke Lunhua Mao & Suk-Kyu Kim & James J. Zhang, 2014. "Assessing the Economic Impact of Three Major Sport Events in China: The Perspective of aTtendees," Tourism Economics, , vol. 20(6), pages 1277-1296, December.
    12. Adriana Galant & Tea Golja & Iva Slivar, 2015. "Disclosure of Non-financial Information in Tourism: Does Tourism Demand Value Nonmandatory Disclosure?," MIC 2015: Managing Sustainable Growth; Proceedings of the Joint International Conference, Portorož, Slovenia, 28–30 May 2015,, University of Primorska, Faculty of Management Koper.
    13. Russ Kashian & Renee Pfeifer-Luckett, 2011. "The Economic Impact of Organized Camps," Tourism Economics, , vol. 17(4), pages 905-916, August.

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