Discuss the methodologies to measure the economic benefits of the Glasgow Commonwealth Games in 2014. Analyse their relative strength and weaknesses and pricing.
The Commonwealth Games (CWG) is considered a mega event: an event, which produces incredible high levels of tourism, media coverage, prestige or economic impact for the host or destination (Getz, 1997). It is positioned in terms of size and profile behind the Olympics and World Cup (Van Der Westhuizen, 2004).
This paper discusses the alternative methodologies to measure economic impact of sporting events like the Glasgow Commonwealth Games (GCWG) 2014. First section discusses model effects on measuring economic impact of sporting events. Next a discussion on the cause of each models effects. Followed by implication of modelson accuracy, bias, model choice and holistic approach issues.
This paper finds the models to produce substantial difference caused by inherent characteristics. Issues of accuracy and bias of impact studies requires improved theory and transparency. For model choice it is dependent on preferential choice and the way forward in this field is a holistic approach using Cost Benefit Analysis.