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Evaluating the Short- and Long-run Economic Impacts of the Virginia-Maryland Regional College of Veterinary Medicine

  • Binzhang Liu (a1), Shukla Kshirsagar (a1), Thomas Johnson (a2), Craig Thatcher (a1) and George W. Norton (a1)...

Abstract

Colleges of veterinary medicine are often asked to provide evidence of the economic impacts of their activities. This paper presents methods for evaluating a veterinary college and applies them to the Virginia-Maryland Regional College of Veterinary Medicine. It assesses short-run impacts on income and employment using input-output analysis. Long-run benefits are estimated using a combination of economic surplus analysis, travel cost analysis and demand estimation, animal-owner willingness-to-pay based on a survey of practicing veterinarians, and earnings differentials.

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