January 07, 2008

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

The capacity utilization model (CUM), Regional Economic Models, Inc. (REMI), and the impact analysis for planning (IMPLAN) model were put to the test in order to acquire a fuller understanding of each model’s ability to accurately analyze various data sets pertaining to the hospitality and tourism sectors. Payroll was estimated by the CUM, disposable personal income was estimated by REMI, and value added was estimated by IMPLAN. The results of the study showed that REMI had the highest estimates, followed by IMPLAN and then CUM and what modeling factors and features played a role in the varied final outcomes.

Florida State University – A Comparison of Three Economic Impact Models [full PDF]