Journal of the Korean Society for Library and Information Science
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- P-ISSN1225-598X
- E-ISSN2982-6292
Rethinking Theoretical and Practical Issues of Economic Valuation of Library Services
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Abstract
This research examines a number of theoretical and practical issues when measuring the economic value of library services. In particular, using two recent studies conducted in Korea as illustrations, the study shows how various measurement decisions affect the final outcomes in the economic valuation of library services and thus points to the need for a more reliable study design. Specific areas of measurement discussed include the following: scope of measurement, application of CVM(Contingent Valuation Method), time vs. monetary value measurement, dealing with outliers, allowing alternatives, and the use of estimation. ROI(Return on Investment) scores or benefit cost ratios vary significantly according to different measurement choices even in the same study. There is a need for collecting qualitative data that complements the quantitative data typically collected in economic valuation studies. The outcome of economic valuation of library services should be considered as one of many representations of library values. Practitioners and researchers should exercise caution in interpreting those results but be able to leverage them to better communicate the value of library services.
- keywords
- Value, Economics, Outcome, Benefits, Return on Investment(ROI), Benefit Cost Ratio(BC Ratio), Contingent Valuation Method, Stakeholders, Value, Economics, Outcome, Benefits, Return on Investment(ROI), Benefit Cost Ratio(BC Ratio), Contingent Valuation Method, Stakeholders, 가치, 경제성 평가, 결과, 혜택, 투자회수율, 비용편익비율, 조건부가치측정법, 이해관계자
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