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Measuring the local economic impact of universities: an approach that considers uncertainty

In: Investigaciones de Economía de la Educación 5

  • Jose M. Pastor

    ()

    (Universitat de Valencia & Ivie)

  • Juan Fernández de Guevara

    ()

    (Universitat de Valencia & IVIE)

  • Francisco Pérez

    ()

    (Universitat de Valencia)

The contribution of universities to society is due to both supply and demand side effects, the latter being associated with the injection of demand as a result of the activities these institutions carry out. This paper focuses on the impact of the demand side by designing a methodology based on Monte Carlo simulations so as to introduce stochastic elements in calculating the economic impact of universities. We apply this methodology to the case of Valencian state universities, introducing stochastic elements in all the elements which imply assumptions with uncertainty. The results highlight the importance of considering uncertainty by generating multipliers which can vary around the average value by 18% in the case of output and employment, and 10% in the case of income.

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This chapter was published in:
  • María Jesús Mancebón-Torrubia & Domingo P. Ximénez-de-Embún & José María Gómez-Sancho & Gregorio Gim (ed.), 2010. "Investigaciones de Economía de la Educación," E-books Investigaciones de Economía de la Educación, Asociación de Economía de la Educación, edition 1, volume 5, number 05, 5.
  • This item is provided by Asociación de Economía de la Educación in its series Investigaciones de Economía de la Educación volume 5 with number 05-54.
    Handle: RePEc:aec:ieed05:05-54
    Contact details of provider: Web page: http://www.economicsofeducation.com

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    1. Zvi Griliches, 1998. "Issues in Assessing the Contribution of Research and Development to Productivity Growth," NBER Chapters, in: R&D and Productivity: The Econometric Evidence, pages 17-45 National Bureau of Economic Research, Inc.
    2. Riddel, Mary & Schwer, R. Keith, 2003. "Regional Innovative Capacity with Endogenous Employment: Empirical Evidence from the U.S," The Review of Regional Studies, Southern Regional Science Association, vol. 33(1), pages 73-84.
    3. John J. Siegfried & Allen R. Sanderson & Peter McHenry, 2006. "The Economic Impact of Colleges and Universities," Vanderbilt University Department of Economics Working Papers 0612, Vanderbilt University Department of Economics.
    4. Joshua Drucker & Harvey Goldstein, 2007. "Assessing the Regional Economic Development Impacts of Universities: A Review of Current Approaches," International Regional Science Review, , vol. 30(1), pages 20-46, January.
    5. Attila Varga, 2000. "Local Academic Knowledge Transfers and the Concentration of Economic Activity," Journal of Regional Science, Wiley Blackwell, vol. 40(2), pages 289-309.
    6. Rubén Garrido-Yserte & María Gallo-Rivera, 2010. "The impact of the university upon local economy: three methods to estimate demand-side effects," The Annals of Regional Science, Springer, vol. 44(1), pages 39-67, February.
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