Elsa K. Anderson, Stephen Maher, and Bill Maltarich have published "Evaluating the Consortia Purchase: Journal Usage in a Multi-Institution Setting" in Collaborative Librarianship.
Here's an excerpt:
When two or more institutions share a license, how do they measure use and value? For over a decade, the Levy Library at the Icahn School of Medicine at Mount Sinai, the Sid and Ruth Lapidus Library at the New York University School of Medicine, and New York University Libraries at New York University have shared several publisher packages and journal title subscriptions. In this paper, we present our analysis of usage data to assess the value of some of these consortial arrangements in their totality and to each library. Based on this analysis, we were able to adjust how each institution contributes to consortial arrangements. The paper will discuss challenges in analyzing consortial arrangements based on usage data and offer suggestions for how consortia-based acquisitions can be an effective allocation of library funds and strengthen support for the library in its institution.