Attraction Accountability
 

'Increase the performance

of your new attraction'

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Dynamic modelling

Error Correction Model

With the abovementioned so called error correction model we try to explain the differences in number of visitors to a certain theme park on one day compared to the next day. We do this by controlling the impact of a new attraction for all kind of important and relevant variables. One should think about controllable factors (like having a new attraction, the price policy etc.) and uncontrollable factors (like the weather, vacation periods, price of gasoline etc.). The independent variables can be found at the right side of the =-sign. The dependent variable (change in number of visitors/ delta) can be found at the left side.

Cornelis (2008) believes that the predictive success of the error correction model depends on the amount of contextual sensitivity that is taken into account. He therefore uses the destinction made by Anton Clavé (2007) of four different kinds of theme parks, based on the social origin and recent developments of these parks. According to Anton Clavé the following distinction should be made:

  • theme parks with their social origin as an European Pleasure Garden

  • theme parks that are developed out of amusement parks

  • parks with a strong theming origin

  • and parks with a (recent) history of cinema and movies

The impact of a new attraction will be different for each category of theme parks. The first results of the dynamic modelling of Cornelis prove this theory indeed to be right.

 

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15/07/08 - The validity of econometrical studies.

 

 
 

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