R/ECON™ I-O: An Economic Impact Model


InventionSummary:

The R/ECONTM Input-Output Model (I-O) shows how sectors of an economy interact. For a given industry, the model shows the “production recipe” for the goods and services the industry sells and the shares of its revenues that are consumed by other industries in the economy.

The R/ECONTM I-O model’s generates estimates of interregional trade by sector that are based on those conceived by the Regional Science Research Institute. Those estimates are recognized by the academic community as the most reliable estimates available.

R/ECONTM can customize models for any state, metropolitan area, county, or set of counties for which detailed data on employment and payroll are publicly available or provided by the client.

Market Applications:

  • Estimate the number of jobs and the amount of income that will be created in an economy by an event or shock
  • Determine an event’s, an industry’s or a program’s total contribution to an economy
  • Calculate the fiscal viability of a proposed economic development incentive
  • Estimate the economic impact of the relocation of a firm or industry
  • Help identify successful state and local economic development strategies
  • Determine the relative economic viability of large projects
  • Show how changes in one sector of the economy influence other sectors
  • Identify the impact of a project on various government spending programs, and vice versa

Advantages:

The I-O model can be used in many different settings; for example, academic, by consultants, in businesses and corporations, government, and nonprofits. It can be used when there is a need for information or analysis for economic development (or marketing) purposes; or in any area that requires forecasting and forecast data.

Intellectual Property & Development Status:

Available through license or distribution agreement

Click here for licensing details

Rutgers ID: 2017-083
Category(s):
Information Technology
Software
Contact:
Andrea Dick
Senior Licensing Manager
848-932-4018
andrea.dick@rutgers.edu
Inventors:
Michael Lahr
Keywords: