Original Research

Regional economic impacts of events: A comparison of methods

Lukas Van Wyk, Melville Saayman, Riaan Rossouw, Andrea Saayman
South African Journal of Economic and Management Sciences | Vol 18, No 2 | a593 | DOI: https://doi.org/10.4102/sajems.v18i2.593 | © 2015 Lukas Van Wyk, Melville Saayman, Riaan Rossouw, Andrea Saayman | This work is licensed under CC Attribution 4.0
Submitted: 15 April 2013 | Published: 28 May 2015

About the author(s)

Lukas Van Wyk, PHD student, North West University, South Africa
Melville Saayman, TREES, NWU, South Africa
Riaan Rossouw, School of Economics, North West University, South Africa
Andrea Saayman, School of Economics, North West University, South Africa

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Abstract

The purpose of this paper is to provide an overview and comparison of three related methods for modelling the short-run economic impact of events, namely the partial Input-Output (I-O), Social Accounting Matrix (SAM) and Computable General Equilibrium (CGE) models. An analysis of strengths and limitations of these different methods suggests that it may be considerations such as the underlying assumptions specific to each model, data collection, expected output, research objectives, and costs involved that determine the choice of modelling framework. Data from surveys conducted at the Aardklop National Arts Festival during 2010 were used in the comparative analyses, which were executed by means of two regional (i.e. provincial-level) models and one small-region (i.e. place-specific) model constructed for the small town.


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