Gravitational Force of Community Events: A New Method of Evaluating Value of Local Events
Nathanael L. Adams and Lynn L. Adams
DOI : 10.3844/ajebasp.2012.47.58
American Journal of Economics and Business Administration
Volume 4, Issue 1
Problem statement: This proposed Gravitational Force model was created to give communities a way to measure how effectively local events attract participants and visitors from a distance. Additionally, this study shows how to quantify the economic effect of an event on the local tax base and the entire community. This model can be used for all kinds of events and can help assess different kinds of events in relationship to each other. After the US and world economy faltered in 2008 many governmental bodies had to find ways to cut budgets. Community events are considered discretionary, but that can have a large effect on a local economy, both in terms of actual cash flows and in branding the community. Conclusion/Recommendations: This study presents a new way to measure local events and attractions that takes into account how far out an event tends to attract participants and to what degree by using packages available to R and a new set of ratios based on the number and duration of hotel occupants. This study will suggest a framework for local leaders to assess priorities when using these methods.
© 2012 Nathanael L. Adams and Lynn L. Adams. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.