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Electronic Publishing and the Economics of Information: Implications for Libraries

This article discusses the factors that affect the demand and price of electronic publishing, as well as the implications for libraries. It explores the rising costs of journal prices, the impact of publishing costs, and the value and usefulness of scholarly articles. The contribution of libraries in supporting communication activities and the cost-effectiveness of library use are also examined.

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Electronic Publishing and the Economics of Information: Implications for Libraries

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  1. Electronic Publishing and the Economics of InformationPart IIImplications for Libraries Carol Tenopir University of Tennessee, Knoxville ctenopir@utk.edu http://web.utk.edu/~tenopir/tenopir.html Donald W. King University of Pittsburgh dwking@mail.sis.pitt.edu

  2. What factors affect demand? • Price • Journal attributes • Availability & relative cost of alternatives • Combinations of distribution means and media are finding a niche

  3. Average Annual Price Increase (%) in Scientific Journals

  4. Average Cost Per Title:Science Journals 1996-2000

  5. Why have journal prices spiraled upward? • Size and Inflation – 56% • Drop in personal subscriptions • Addition of new, low-circulation journals – 17% • McCabe thesis • High profit / net revenue

  6. To understand price one must understand publishing costs • Five publishing functions: • Article processing (=$190,000) • Non-article processing (=$19,500) • Reproduction (=$101,000) • Distribution (=$80,500) • Support (=$168,500) • Total (=$559,500)

  7. Average Cost per Subscription

  8. Average Number of Personal Subscriptions to Scholarly Journals

  9. Comparative Costs Individual Subscription Break-Even Point (36.5) Library Use Number of Readings of the Journal

  10. Individual Price ($) Break-Even Point (Readings) $100 12.9 $150 18.7 $250 30.3 $500 59.4 $1,000 117.6 Cost of Subscribingvs. Library Use

  11. Individual Price Proportion of Journals to which Scientists can Economically Subscribe $100 15.0 $150 8.7 $250 3.2 $500 0.7 $1,000 <0.1 Individual Subscription Prices

  12. Institutional Price Break-Even Point in Number of Readings $100 9.5 $150 12.1 $250 17.3 $500 30.4 $1,000 56.5 Subscribing vs. Separate Copies

  13. Library Owning vs.Borrowing Article Copies Institutional Subscriptions Break-Even Point ILL/Document Delivery

  14. Institutional Price Proportion of Journals to which Libraries can Economically Subscribe $100 88.9 $150 84.6 $250 78.2 $500 65.5 $1,000 49.0 Library Subscription Prices

  15. Purchasing vs. Document DeliveryDocument Delivery Fees

  16. Electronic Journals vs. Separate CopiesArticle Access Fees

  17. Effects of PriceChanges on Subscribers (1998)

  18. Usefulness & Value of Scholarly Articles • Information serves many purposes • Highly important to these purposes • Readers are willing to pay a high price for the information in their time • Information results in improved performance

  19. Usefulness, Value, and Impact of Information • 198 readings per professional • Evidence of the consequences of reading • Considerable savings result • Improved productivity, quality, and timeliness of work • Achievers read more than others • What users are willing to pay for information • Purposes of reading • Importance compared with other resources

  20. The Contribution that Libraries Make to this Use, Usefulness, and Value

  21. General Approach • Examine overall communication forms and patterns • How users spend time communicating • Role of libraries in supporting communication activities

  22. Examples of roles of libraries: • Reduce communication time • Make communication time more efficient and effective • Provide better information, faster and less expensively • Strive to increase the productivity, quality, and timeliness of users’ work, teaching, research, and other purposes for which information is used

  23. Proportion of Readings of Library-Provided Documents and Documents From Other Sources Which Result in Savings

  24. Productivity of Professionals, As a Function of Amount of Library Use

  25. Proportion of Readings of Library –Provided Documents and Documents From Other Sources Which Result In Improved Quality of Work

  26. Proportion of Readings of Library-Provided Documents and Documents from other Sources Which Result in Performing Work Faster

  27. Comparison of Library Use by Persons Recognized by Special Awards, “Fast Trackers,” and Cohorts

  28. Library Cost, Value, and Worth • Library cost - $610 per professionals • User price/cost of information - $5, 190 • User cost to acquire information - $1,090 • Current organization cost - $1, 700 • Cost of alternatives to library - $5, 010 • Potential “lost” benefits - $12, 200

  29. Indicators of Value and Worth • Ratio of user cost to acquire information to library cost 1.8 to 1 • Ratio of “willingness to pay” value to library costs 8.5 to 1

  30. More Indicators of Value and Worth • Ratio of cost alternatives to current organization cost 2.9 to 1 • Ratio of potential “lost benefits” to current organization cost 7.2 to 1

  31. Without Information With Information Center Center Professionals Spend Professionals Spend Professionals Have 121 Hours 27 Hours 94 Hours Available Acquiring Information Acquiring Information For Thinking, Experimenting, Etc.

  32. Time of One Equivalent ofInformation Saves FiveProfessional Professionals’ Time

  33. Special Library Helps Achieve Parent Organization Goals • Increase profit (or productivity) and get more for less • Perform work better and with greater quality • Speed products from discovery to the marketplace

  34. Increased Profit (or productivity) • >1/3 of library uses result in saving time or money • >40% of library-provided readings result in saving time or money • Amount of library use correlated with 5 indicators of user productivity • 5 studies show a positive correlation with information-related expenditures and/or productivity

  35. Better Performance and Greater Work Quality • ~ 40% of library use said to be “absolutely required” • ~ 60% of visits to libraries said to result in doing work better • > 60% of readings from library-provided documents result in improved quality • Professionals who use libraries more than cohorts and non-awards winners recognized through awards, etc.

  36. Speed Products From Discovery to the Marketplace • ~ 40% of library visits are said to help professionals perform work faster • ~ 40% of readings of library-provided materials lead to doing work faster

  37. Librarians Have Unique Knowledge of… • How their community acquires and uses information • The availability of alternative media, sources, and pricing options • The economic trade-offs among these alternatives • What is generally best for the entire organization

  38. Future Roles of Special Librarians • Decision makers for how organization adopts to electronic environment, by – • Keeping up with options and specific products • Figuring real costs (cost per use; total costs) • Negotiating leases • Voice of reason • Purchasing / negotiating for entire organization

  39. Goals for Librarians • Discuss e-publishing issues with your boss • Identify true costs of communication • Predict what to expect with electronic journals and share information concerning e-journal realities • Develop negotiating skills and knowledge of source and media options

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