TY - JOUR
T1 - Library return on investment
T2 - Defending the contingent valuation method for public benefits estimation
AU - McIntosh, Christopher R.
PY - 2013/4/1
Y1 - 2013/4/1
N2 - Many library return on investment (ROI) studies have been conducted in the United States. Most rely on "cost savings" approaches to determine the marginal benefits of library services. These methods fail to logically have a meaningful relationship to theoretical benefits estimation. Adaptations of the contingent valuation method (CVM) to this application are discussed in reference to the well-known National Oceanic Atmospheric Administration panel guidelines and recent literature. A CVM technique is used to estimate median annual household benefits for Minnesota public library services. Results indicate that CVM likely leads to more conservative estimates than "cost savings" approaches, which is probably due to the realities of available substitutes and low patron marginal benefits from additional transactions. Evidence is provided to limit the usual concerns of the utilized methodology. Focusing on programs for low income and education households may create higher returns more directly attributable to these services.
AB - Many library return on investment (ROI) studies have been conducted in the United States. Most rely on "cost savings" approaches to determine the marginal benefits of library services. These methods fail to logically have a meaningful relationship to theoretical benefits estimation. Adaptations of the contingent valuation method (CVM) to this application are discussed in reference to the well-known National Oceanic Atmospheric Administration panel guidelines and recent literature. A CVM technique is used to estimate median annual household benefits for Minnesota public library services. Results indicate that CVM likely leads to more conservative estimates than "cost savings" approaches, which is probably due to the realities of available substitutes and low patron marginal benefits from additional transactions. Evidence is provided to limit the usual concerns of the utilized methodology. Focusing on programs for low income and education households may create higher returns more directly attributable to these services.
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U2 - 10.1016/j.lisr.2012.11.001
DO - 10.1016/j.lisr.2012.11.001
M3 - Article
AN - SCOPUS:84875368304
VL - 35
SP - 117
EP - 126
JO - Library and Information Science Research
JF - Library and Information Science Research
SN - 0740-8188
IS - 2
ER -