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A comparison of the multipliers of IMPLAN, REMI, and RIMS II: Benchmarking ready-made models for comparison

Author

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  • R. Keith Schwer

    (Department of Economics, University of Nevada, Las Vegas, 4505 Maryland Parkway, Las Vegas, NV 89154, USA)

  • Dan S. Rickman

    (Department of Finance and Economics, Georgia Southern University, LB 8151, Statesboro, GA 30460, USA)

Abstract

The IMPLAN, REMI and RIMS II regional input-output models are used extensively in regional policy analysis. Yet, no study exists that compares all three models. Therefore, this study compares the multipliers of these three models for Clark County, Nevada. It is found that the multipliers of the default versions of the models delivered by the vendors significantly differ across models. Benchmarked versions of the models are obtained by controlling for differences in closure rules and techniques used to regionalize national input-output coefficients. The multipliers of the benchmarked versions generally do not significantly differ. Thus, conclusions can be reached about what differences exist between the multipliers of the three models and why. Moreover, the method used to benchmark the models for comparison provides users of these models with the potential to improve their model.

Suggested Citation

  • R. Keith Schwer & Dan S. Rickman, 1995. "A comparison of the multipliers of IMPLAN, REMI, and RIMS II: Benchmarking ready-made models for comparison," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 29(4), pages 363-374.
    • Handle: RePEc:spr:anresc:v:29:y:1995:i:4:p:363-374
    Note: Received: September 1993 / Accepted in revised form: May 1995
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    Cited by:

    1. Ricardo Gazel & R. Schwer, 1997. "Beyond Rock and Roll: The Economic Impact of the Grateful Dead on a Local Economy," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 21(1), pages 41-55, March.
    2. Adam Rose & Dan Wei & Fynnwin Prager, 2012. "Distributional Impacts Of Greenhouse Gas Emissions Trading: Alternative Allocation And Recycling Strategies In California," Contemporary Economic Policy, Western Economic Association International, vol. 30(4), pages 603-617, October.
    3. Rickman, Dan & Wang, Hongbo, 2020. "Assessing State Economic Development from Motion Picture and Television Production Incentives: Standardizing the Industry for Analysis," MPRA Paper 104052, University Library of Munich, Germany.
    4. Sungsoo Kim & Chad R. Miller, 2017. "An economic model comparison of EMSI and IMPLAN," Tourism Economics, , vol. 23(5), pages 1124-1130, August.
    5. Fenstemacher, Kory Alan & Fisher, Jared Harrison & Hadzalic, Zerina & Hillebrandt, Brenda, 2019. "Estimating the Economic Impact of Increases in the Minimum Wage," SocArXiv xduw4, Center for Open Science.
    6. Lawrence, Michael F. & Wei, Dan & Rose, Adam & Williamson, Scott & Cartwright-Smith, Devon, 2017. "Macroeconomic impacts of proposed climate change mitigation strategies for transportation in Southern California," Research in Transportation Economics, Elsevier, vol. 61(C), pages 56-69.
    7. Pender, John & Reeder, Richard, 2011. "Impacts of Regional Approaches to Rural Development: Initial Evidence on the Delta Regional Authority," Economic Research Report 262240, United States Department of Agriculture, Economic Research Service.
    8. Kenneth G. Crowther & Yacov Y. Haimes, 2010. "Development of the multiregional inoperability input‐output model (MRIIM) for spatial explicitness in preparedness of interdependent regions," Systems Engineering, John Wiley & Sons, vol. 13(1), pages 28-46, March.
    9. Robert W. Wassmer & Ryan S. Ong & Geoffrey Propheter, 2016. "Suggestions for the Needed Standardization of Determining the Local Economic Impact of Professional Sports," Economic Development Quarterly, , vol. 30(3), pages 252-266, August.
    10. Domański Bolesław & Gwosdz Krzysztof, 2010. "Multiplier Effects in Local and Regional Development," Quaestiones Geographicae, Sciendo, vol. 29(2), pages 27-37, June.
    11. Adam Rose & Dan Wei & Noah Dormady, 2011. "Regional macroeconomic assessment of the Pennsylvania Climate Action Plan," Regional Science Policy & Practice, Wiley Blackwell, vol. 3(4), pages 357-379, November.
    12. Laima Gerlitz & Christopher Meyer & Christopher Meyer & Gunnar Prause & Gunnar Prause, 2020. "Methodology approach on benchmarking Regional Innovation on Smart Specialisation (RIS3): a joint macro-regional tool to regional performance evaluation and monitoring in Central Europe," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(2), pages 1359-1385, December.
    13. Erik Dietzenbacher & Manfred Lenzen & Bart Los & Dabo Guan & Michael L. Lahr & Ferran Sancho & Sangwon Suh & Cuihong Yang, 2013. "Input--Output Analysis: The Next 25 Years," Economic Systems Research, Taylor & Francis Journals, vol. 25(4), pages 369-389, December.
    14. John Loomis & Lynne Caughlan, 2006. "The Importance of Adjusting for Trip Purpose in Regional Economic Analyses of Tourist Destinations," Tourism Economics, , vol. 12(1), pages 33-43, March.
    15. Tamás Dusek & Miklós Lukovics & Patrick Bohl, 2011. "The economic impact of the Budapest Airport on the local economy," ERSA conference papers ersa11p1228, European Regional Science Association.
    16. Kenneth Button, 2016. "The political economy of shipping US food and aid under the cargo preference regime," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 18(4), pages 353-370, December.
    17. McKean, John R. & Spencer, William P., 2003. "Implan Understates Agricultural Input-Output Multipliers: An Application To Potential Agricultural/Green Industry Drought Impacts In Colorado," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 21(2), pages 1-16.
    18. Sungsoo Kim, 2021. "Assessing economic and fiscal impacts of sports complex in a small US county," Tourism Economics, , vol. 27(3), pages 455-465, May.
    19. Mark A. Bonn & Julie Harrington, 2008. "A Comparison of Three Economic Impact Models for Applied Hospitality and Tourism Research," Tourism Economics, , vol. 14(4), pages 769-789, December.
    20. Choi, Jun-Ki & Eom, Jiyong & McClory, Emma, 2018. "Economic and environmental impacts of local utility-delivered industrial energy-efficiency rebate programs," Energy Policy, Elsevier, vol. 123(C), pages 289-298.
    21. Christelle Khalaf & G. Jason Jolley & Candi Clouse, 2022. "The Economic Impact of Small Colleges on Local Economies: A Guide to Attainable Data and Best Practices," Economic Development Quarterly, , vol. 36(1), pages 17-32, February.
    22. Ricardo Gazel, 1998. "The Economic Impacts of Casino Gambling at the State and Local Levels," The ANNALS of the American Academy of Political and Social Science, , vol. 556(1), pages 66-84, March.
    23. Tom Johansen & Kathleen Arano, 2016. "The Long-Run Economic Impact of an Institution of Higher Education," Economic Development Quarterly, , vol. 30(3), pages 203-214, August.
    24. Gordon Mulligan & Randall Jackson & Amanda Krugh, 2013. "Economic base multipliers: a comparison of ACDS and IMPLAN," Regional Science Policy & Practice, Wiley Blackwell, vol. 5(3), pages 289-303, August.

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