A Critical Review of Research on the Economic Valuation of Libraries
The value of the library has always been recognized positively. Economic valuation of libraries and their services uses a concrete methodology that enables the quantification of library value and communication of said value among library stakeholders. This paper presents a comprehensive review of literature on economic valuation of the library based on a total of 89 studies conducted over the last quarter-century. Research on library valuation began in the mid-1990`s with the formal exploration of the value of public libraries from a theoretical point of view. In the 2000`s, various theories and methodologies were reviewed and put into actual measurement studies. The comprehensive review and analysis point to the need for the development of consistent and reliable set of methods, which will facilitate further application of methods and comparison of results.