Economic assessment of special events: a perspective article

Abstract

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.

Citation

Dwyer, L. (2020), "Economic assessment of special events: a perspective article", Tourism Review, Vol. 75 No. 1, pp. 191-193. https://doi.org/10.1108/TR-02-2019-0071