Discusses several economic concepts and principles important for librarianship--opportunity cost, resources, assets, and investment--and notes the difficulty of placing a monetary value on patron benefits. The law of diminishing marginal returns is applied to the relationships between library services and collection size, and between investment in…

Argues that evaluating a library's collection is not an acceptable substitute for evaluating the collection development process and its developers. With increasing materials costs, overselection can be much more serious than underselection. Several useful methods for evaluating collection development incorporate statistics regarding proportional…

Narrative text and 6 tables provide information about a survey of 105 libraries on materials spending: number of questionnaires sent and returned; number and percentage of libraries with a materials spending policy; how percentages were determined; average (mean) percentage spent for materials; change in percent spent for materials in recent…

Library patron demands will exert increasing influence over the allocation of materials budgets. To determine the extent to which data produced by automated systems are used to guide collection development, a questionnaire was sent to the 108 university library members of the Association of Research Libraries. Responses (n=79) showed that such…