The contingent valuation method in public libraries

Abstract

This study aims to present a new model measuring the economic value of public libraries, combining the dissonance minimizing (DM) and information bias minimizing (IBM) format in the contingent valuation (CV) surveys. The possible biases which are tied to the conventional CV surveys are reviewed. An empirical study is presented to compare the model with the conventional CVM and DM +IBM format. A cost—benefit analysis is used as a tool to determine if the benefit of public libraries outweighs the cost incurred in providing the services. The study conducts a case study in a public library to demonstrate how public libraries could apply the approach to their local studies.