Assessing the regional economic impact of one-time major sporting events. London 2012

Bachelor Thesis from the year 2015 in the subject Business economics - Economic Policy grade: 1.0 Northumbria University (Newcastle Business School) course: Final Thesis language: English abstract: The main objective of this study was to examine the existing economic impact studies on London 2012 after understanding the shortcomings of traditional methods and exploring advanced approaches.In a first step this work has therefore focused on basic economic frameworks namely Leontief's IOA and the CBA which have long been used in the event impact evaluations (Levy & Berger 2013; Preuss 2004a). Despite their straightforward application both models reveal significant shortcomings including the exaggeration of impacts and inability to address opportunity costs (IOA cf. Lahr & Stevens 2002) or specific economic situations (CBA cf. Késenne 2005).As most of the weaknesses can be traced back to the use of economic multipliers (Preuss 2004a) this study examined adjustments to the traditional models in a second step. Despite a more complicated realisation and its origin in US-specific data the RIMSII and IMPLAN models if at all reduce the negative multiplier effects (Lynch 2000; Rickman & Schwer 1995). On this account the GCE approach emerged and has been hailed a panacea by a number of event-assessing authors (Dwyer et al. 2004 2006; Partridge & Rickman 2010) notwithstanding the fact that the approach still fails to reduce the degree of subjectivity in the evaluation (Kasimati & Dawson 2009).In a third step the valuation method of Preuss (2004a 2004b) has been introduced since its different approach to regionalise the primary impact best fits this studies' objective to present a model that assesses the regional impact of the Olympics.Concluding with a review of five London 2012 studies this work reveals that several attempts have been made to assess the economic consequences of the event on the British capital. Although a variety of models