Research Article Open Access

Gravitational Force of Community Events: A New Method of Evaluating Value of Local Events

Nathanael L. Adams1 and Lynn L. Adams2
  • 1 Cardinal Stritch University, United States
  • 2 Utah Valley University, United States

Abstract

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.

American Journal of Economics and Business Administration
Volume 4 No. 1, 2012, 47-58

DOI: https://doi.org/10.3844/ajebasp.2012.47.58

Submitted On: 2 March 2012 Published On: 30 January 2012

How to Cite: Adams, N. L. & Adams, L. L. (2012). Gravitational Force of Community Events: A New Method of Evaluating Value of Local Events. American Journal of Economics and Business Administration, 4(1), 47-58. https://doi.org/10.3844/ajebasp.2012.47.58

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Keywords

  • Gravitational
  • force
  • community events
  • local events