An Economic Valuation Study of Public Libraries in Korea

TitleAn Economic Valuation Study of Public Libraries in Korea
Publication TypeJournal Article
Year of Publication2012
AuthorsKo, YM, Shim, W, Pyo, S-H, Chang, JS
JournalLibrary and Information Science Research
Volume34
Issue2
Pagination117-124
Date Published04/2012
Abstract

The economic value of public libraries for local residents in Korea was  measured. An economic-value measurement model that enables the estimation of diverse types of public library services was designed, using a conditional-value measurement method. Benefits were taken as the value of the main services provided  by public libraries, such as accessibility to informational materials, facilities, and programs. Costs included the total amount of expenses at libraries such as personnel expenses, materials purchasing expenses, and other operational costs. data were collected from 1220 users from 22 public libraries in the province of Seoul/Gyeonggi-do and the other seven Korean provinces. The return on investment (ROI) was calculated to be 3.66.

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Benefits are the important services that public libraries offer, like the use of resources, spaces, and educational programs. The overall cost of the library includes labor, document acquisition, and other running expenses. 
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Absolutely, the benefits provided by public libraries extend far beyond just borrowing books. They offer access to a wide range of resources, including educational programs, digital databases, and community spaces for meetings and events. While the tangible costs of running a library may include labor, acquiring documents, and other operational expenses, the value they bring to the community through education, literacy,  My dating list and cultural enrichment is immeasurable. Public libraries serve as vital hubs for lifelong learning and community engagement, making them an indispensable resource for all.

 

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The valuable services that public libraries  tunnel rush provide, such as the use of materials, areas, and educational activities, are known as benefits. Labor, the cost of acquiring documents, and other operating costs are all included in the library's total cost.  

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