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

Mark A. Bonn and Julie Harrington
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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

Tourism Economics, 2008, vol. 14, issue 4, 769-789

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.

Keywords: economic impact; tourism models; IMPLAN; REMI; capacity utilization model (CUM) (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:sae:toueco:v:14:y:2008:i:4:p:769-789

DOI: 10.5367/000000008786440148

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