Reconciling pragmatism, equity, and need in the formula allocation of book and serial funds

Abstract

The literature of formula allocation has several central themes which the matrix formula described here addresses. Most important, formulas have almost universally failed to provide a mechanism to distribute funds for serials as well as books. The matrix formula allocates funds for monographs and serials based on disciplinary needs and publishing patterns. It also provides a method for determining the variables which best represent institutional goals, normalizing them and explicitly determining the percent of funds allocated by the individual variable. These features are great advantages in dealing fairly with the difficult problems of allocating scarce resources. Finally, the article discusses the appropriate limits formulas may have as allocation tools.