Abstract
Special events are widely recognized to have a range of impacts- economic, social and environmental. These impacts (positive and negative) must be estimated and valued if an informed decision is to be made to develop or support a particular event. A rational events strategy for government involves funding events at a level which is appropriate given the net benefits they create, and which reflects the benefits that could be obtained and costs incurred by allocating the funds elsewhere. Three main approaches to the economic evaluation of special events are distinguished. These are: standard economic impact analysis (EIA), computable general equilibrium modelling (CGE), and cost benefit analysis (CBA). It is argued that EIA is fatally flawed and that both CGE and CBA are essential to the evaluation of special events since they focus on different aspects of the evaluation problem. An expected outcome of the use of hybrid models is a narrowing of the divide between practitioners and theorists regarding best practice event evaluation to the benefit of all stakeholders.
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