An economic valuation study of public libraries in Korea

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.

► Presents the first major economic valuation study of public libraries in Korea.
► Data were collected from 1220 real users in 22 public libraries.
► Evaluates 3 areas of library service (information access, facilities, and programs).
► Derives a return on investment (ROI) of 3.66.