Public Sector Support for Special Events
Larry Dwyer () and
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Larry Dwyer: University of New South Wales, Sydney, NSW 2052, Australia.
Eastern Economic Journal, 2009, vol. 35, issue 4, 481-499
The standard approach taken to assessing the economic impacts of special events, using input-output (I-O) modeling, has come under increasing attack in the recent research literature. Critics have argued that both I-O modeling should be replaced by computable general equilibrium modeling and that cost benefit analysis should be used to account for the wider social and environmental impacts of events. This article explores the critics concerns, prior to highlighting the preferred economic impact assessment tool. The role of CBA is also discussed, highlighting the type of data that is needed for informed analysis. Researchers tend to treat economic impact analysis and CBA as distinct techniques of assessment, with the potential to provide conflicting recommendations. The article outlines a method for partially integrating the two techniques. To set a context for the discussion, reference is made to the findings from research recently undertaken to estimate both the economic impacts and the net benefits of the Formula One Grand Prix held in Melbourne, Australia.
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