Economic impact analysis, cost benefit analysis, and computable general equilibrium modelling

2020 ◽  
pp. 129-155
Author(s):  
Peter Forsyth ◽  
Hans-Martin Niemeier
Keyword(s):  
General Equilibrium ◽  
Economic Impact ◽  
Computable General Equilibrium ◽  
Impact Analysis ◽  
Cost Benefit Analysis ◽  
Cost Benefit ◽  
Benefit Analysis ◽  
Economic Impact Analysis ◽  
Computable General Equilibrium Modelling ◽  
General Equilibrium Modelling

scholarly journals Integrated Model of Computable General Equilibrium and Social Cost Benefit Analysis of an Indian Oil Refinery: Future Projections and Macroeconomic Effects

2018 ◽  
Vol 10 (1-2) ◽  
pp. 96-125
Author(s):  
Sumana Chaudhuri ◽  
Shovan Ray ◽  
Ganesh-Kumar
Keyword(s):  
General Equilibrium ◽  
Computable General Equilibrium ◽  
Cost Benefit Analysis ◽  
Cost Benefit ◽  
Oil Refinery ◽  
Cge Model ◽  
Benefit Analysis ◽  
Model Framework ◽  
Financial Flows ◽  
Macroeconomic Effects

Cost benefit analysis (CBA) has long been used as a useful tool to appraise and evaluate the value of a range of investment projects to a society. Certain aspects of this method such as the appropriate discount rate is an important concern, because the choice of discount rates deeply affect the valuations of future income streams. Other aspects concerning financial flows and appropriate ‘shadow prices’ have also received considerable attention. However, when a megaproject with the character of a ‘universal intermediate’ is considered, its multiplier effects may be wide-ranging and permeate several economic and social layers and may be captured only in the aggregates. This study examines the costs and benefits of Vadinar refinery in Gujarat with a focus on this welfare dimension on society for the project. The framework explores a methodological breakthrough in CBA studies. In constituting the macroeconomic effects of expansion of the mega oil refinery, the wider economic impact (WEI) is estimated using the computable general equilibrium (CGE) model and incorporated into the CBA. This assimilation of CBA with macroeconomic externality obtained from the CGE model framework is perhaps only one of its kind in economic analysis of major infrastructure projects of any country. CBA when combined with CGE as an analytical tool can be gainfully employed to appraise or evaluate large scale projects like oil refineries. JEL Classification: B41, C51, C52, C53, C54, C55, D50, D58, D60, D61, D62, H23, H43, L71, O22, Q43

scholarly journals Evaluating Special Events: Merging Two Essential Approaches

2019 ◽  
Vol 23 (6) ◽  
pp. 897-911
Author(s):  
Larry Dwyer ◽  
Peter Forsyth
Keyword(s):  
Computable General Equilibrium ◽  
Impact Analysis ◽  
Cost Benefit Analysis ◽  
Hybrid Approach ◽  
Cost Benefit ◽  
Evaluation Process ◽  
Economic Impact Analysis ◽  
Special Events ◽  
Benefit Estimation ◽  
General Equilibrium Modeling

In special event evaluation, given the shift away from standard economic impact analysis based on input–output modeling, increased attention is being paid to the roles that computable general equilibrium modeling (CGE) and cost–benefit analysis (CBA) can play in event evaluation. This article analyzes the strengths and limitations of CGE and CBA in the context of event assessment. A "hybrid" approach is outlined which includes a role for the advantages of both techniques to be included in the evaluation process. The issues addressed are theoretically important for both impact and benefit estimation, while having significant practical implications for event assessment.

scholarly journals The Economic Impact of Participant Sports Events: A Case Study for the Winter World Masters Games 2020 in Tyrol, Austria

Economies ◽  
2020 ◽  
Vol 8 (4) ◽  
pp. 94
Author(s):  
Petri Lintumäki ◽  
Hannes Winner ◽  
Sabrina Scheiber ◽  
Anna Mederle ◽  
Martin Schnitzer
Keyword(s):  
Economic Impact ◽  
Impact Analysis ◽  
Cost Benefit Analysis ◽  
Empirical Work ◽  
Cost Benefit ◽  
Group Setting ◽  
Sports Events ◽  
Economic Impact Analysis ◽  
Organizational Resource ◽  
Novel Method

The Winter World Masters Games (WWMGs) are a large sports event for 30+-year-old athletes. As there are neither competitive qualification requirements for participants, nor entrance fees for spectators, the event can be considered as a participatory sports tourism event rather than a spectator event. In 2020, the WWMGs were staged in Innsbruck, Tyrol. In this study, we estimate the payoff of the event for the regional economy by assessing the impacts generated by participant spending and organizational expenditure. Furthermore, we discuss the peculiarities of the masters sports concept. Our empirical work is based on three distinct analyses: (1) economic impact analysis of participant spending, (2) cost-benefit analysis of organizational resource flows, and (3) discussion of impacts with experts in a focus group setting. Our results support the previous findings that masters sports events attract rather affluent and consumption-oriented participants. Indeed, the WWMGs were found to have a regional economic impact of €6.18 million and an estimated yield of €4.40 for each publicly subsidized euro. For an audience interested in the economic impact of events, this paper presents a novel method for handling non-normal expenditure distributions and adds to the understanding of how visitor segmentation can be utilized in an assessment of event impacts.

Economic assessment of special events: a perspective article

2019 ◽  
Vol 75 (1) ◽  
pp. 191-193 ◽  
Author(s):  
Larry Dwyer
Keyword(s):  
Economic Impact ◽  
Computable General Equilibrium ◽  
Best Practice ◽  
Impact Analysis ◽  
Cost Benefit Analysis ◽  
Economic Assessment ◽  
Important Conclusion ◽  
Content Type ◽  
Economic Impact Analysis ◽  
Special Events

Purpose This paper aims to provide a perspective on the economic assessment of special events. Design/methodology/approach Three main approaches to the economic evaluation of special events are distinguished. These are: standard economic impact analysis, computable general equilibrium modelling, and cost benefit analysis. An historical account of the use of these approaches is given together with a discussion of the advantages and limitations of each. Findings An important conclusion is that the evaluation of special events should go beyond economic impact analysis in favour of a more comprehensive “hybrid” assessment. Originality/value The paper puts event evaluation into perspective and points to a promising future direction of study. An expected outcome of the use of hybrid models is a narrowing of the divide between practitioners and theorists regarding best practice event evaluation to the benefit of all stakeholders.

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