EVALUATING THE SHORT- AND LONG-RUN ECONOMIC IMPACTS OF THE VIRGINIA-MARYLAND REGIONAL COLLEGE OF VETERINARY MEDICINE
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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.