Stephen Bosch et al. have published "Death By 1,000 Cuts: Periodicals Price Survey 2018 in Library Journal."
Here's an excerpt:
The journals marketplace is a mature market in which demand and supply are in equilibrium. While the original e-journal big deal pricing model of maintaining the current spend with a publisher plus a pro rata amount to access additional content did expand offerings to libraries, it did not address the underlying funding problems and in many cases made them worse. The growth of Gold Open Access… addressed access to content but compounded budget issues by adding additional costs.
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