The Application of Multiplier Model in Evaluating Chengdu's Concert Economy
School of Mathematics and Physics, Southwest University of Science and Technology, Mianyang 621010, China
| Abstract: | After the lifting of pandemic control measures in 2023, the concert economy rapidly revived and exhibited strong growth momentum. This paper aims to explore the relationship between concert tourism consumption behavior and economic growth in Chengdu. Based on the multiplier model in economics, this study selected statistical data from Chengdu's concert industry post-pandemic in 2023, focusing on the economic impact of concerts on Chengdu. An economic multiplier model for concerts was constructed to quantitatively evaluate their effect on Chengdu's economic development. Using the multiplier theory from the Cobb-Douglas production function, we provided an estimated expression for the multiplier and calculated Chengdu's concert multiplier using the least squares fitting method. By calculating the concert revenue multiplier, we can quantify and analyze the economic impact of concerts on the local economy. Specifically, the concert revenue multiplier reflects the incremental effect of changes in concert revenue on the region's GDP output. Empirical research results indicate that the concert revenue multiplier effect in Chengdu is significant. Concerts not only directly boosted Chengdu's tourism industry by attracting numerous visitors and spending but also indirectly stimulated related industries such as dining, accommodation, transportation, and retail through consumption diffusion effects. Additionally, the frequent hosting of large-scale concerts enhanced Chengdu's brand image, strengthened the city's cultural influence, and attracted more domestic and international renowned artists and major performance projects. The concert economy significantly promoted the development of Chengdu's cultural industry, creating a virtuous cycle between culture and economy and driving sustained regional economic growth. In summary, this study confirms the significant role of the concert economy in driving Chengdu's economic development. Through quantitative model analysis, it clarifies the specific contributions of concerts in promoting tourism and enhancing the city's brand image. |
| Keywords: | Cobb-Douglas Production Function; Least Squares Method; Concert Economy; Multiplier Model |
| DOI: | 10.57237/j.wjms.2024.01.002 |
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Received: 22 May 2024
Accepted: 1 July 2024
Published Online: 18 July 2024
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