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Library Return on Investment

Library Return on Investment. Bruce Kingma Dodson Professor, University of British Columbia Professor of Entrepreneurship, Syracuse University COPPUL Workshop 2013. The Economics of Higher Education. Universities provide private goods & services

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Library Return on Investment

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  1. Library Return on Investment Bruce Kingma Dodson Professor, University of British Columbia Professor of Entrepreneurship, Syracuse University COPPUL Workshop 2013

  2. The Economics of Higher Education Universities provide private goods & services Academic libraries provide public goods & services

  3. The Economics of Higher Education Private value proposition • The value to an individual or organization determines whether payment is made for the service Public value proposition • The collective value of all users must be estimated to determine if the subscription or license should be purchased • I see an increase in my lifetime earnings of $200,000 so I am willing to pay up to $200,000 for a college degree • I get $1000 a year in value from access to online journals, collectively the 1,000 faculty at Syracuse University are willing to pay up to $1,000,000 for access

  4. The Return on Investment ROI = value / cost

  5. What is Value? • Economic (private) • What is the value to an individual to use the library resources? • Environmental (externality) • What is the value of the environmental savings of library provision of electronic resources? • Have libraries gone green without knowing it? • Social (public) • What is the value to the institution of the library?

  6. What are the methods used to estimate value?(when goods and services are not purchased) • Size and assessed value • Collection size, assessed value of special collections • Use, turnstile, downloads, and readership • Time spent using resources is a signal of value • Time savings: What is the extra time it takes to get a resource from another source? • Contingent valuation • Survey of willingness to pay for a service • If you had to acquire this resource from somewhere else, how much in time and money would you be willing to spend to get it? • Financial, grants awarded • UIUC and follow up studies of link between citations and grants awarded • Follow the grant and link it to the library resources • Correlation and causation • Correlation between grants, grades, retention, or other outcomes and library funding or use

  7. Public Libraries • $6.54; Florida (‘04); Griffiths et al • $3.81; Ohio (‘06); Levin et al • $5.50; Pittsburgh (‘06); CMU Center for Econ Dev. • $4.48; South Carolina (‘05); Barron et al • $3.87; Suffolk NY (‘05); Kamer • Imholz & Arns (’07)

  8. Academic Libraries • $4.28; Luther (‘08) • Oakleaf (‘10) • Track • Record • Demonstrate • Promote • Tenopir (‘10) • Kingma & McClure (‘12)

  9. Things to remember in estimating value Remember Examples • Estimate value not use • Remember opportunity cost (why ROI is important) • Estimating costs and value is difficult and a “guestimate” based on history • the future is more important than the past • The case of users of the late night commons space • Use of e-resources is not value • Commons or books? • Electronic or print or both? • What is the ROI of innovation?

  10. LIBValue (2009-12) • Scholarly Reading • Teaching and Learning • eBooks • Special Collections • Commons • Comprehensive value

  11. LIBValue Team • Carol Tenopir – UT (ctenopir@utk.edu) • Paula Kaufman – UIUC (ptk@uiuc.edu) • Martha Kyrillidou – ARL (martha@arl.org) • Donald King – UT (donaldwking@gmail.com) • Bruce Kingma -Syracuse (brkingma@syr.edu) • Tina Chrzastowski – UIUC (chrz@illinois.edu) • Gayle Baker – UT (gsbaker@utk.edu) • Ken Wise – UT (kwise@utk.edu) • Rachel Fleming-May – UT (rfmay@utk.edu) • Regina Mays – UT (rmays@utk.edu) • Crystal Sherline – UT (csherli1@utk.edu) • Andrea Baer – UT (abaer1@utk.edu)

  12. Advisory Board • José-Marie Griffiths – Bryant University (josemarie@gmail.com) • Michael Koenig – Long Island University (michael.koenig@liu.edu) • Carol Mandel - NYU (carol.mandel@nyu.edu) • Colleen Cook – Texas A&M (ccook@tamu.edu) • George Deltas – UIUC (deltas@illinois.edu) • Nicolas Flores – University of Colorado (nicholas.flores@colorado.edu) • Joe Matthews – JRM Consulting Inc. (joe@joematthews.org) • Judy Luther – Informed Strategies (judy.luther@informedstrategies.com)

  13. http://libvalue.cci.utk.edu/ Bruce Kingma brkingma@syr.edu

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