One of the key factors in the transition to open access is the considerable sum of money libraries currently pay for periodical subscriptions. Depending on your viewpoint, this can be seen as either a challenge, or an opportunity. From my point of view, the funds currently spent on subscriptions could easily form the most important component of an open access production-based economics model.
It is not necessary to simply abandon the buying (purchase / subscription) model and replace it with a production-based model, as there are many hybrid models which can be employed to ease the transition for everyone involved. This post explores the hypothesis that library (or consortia) specific incentives for support for an open access processing fee approach will maximize uptake of the processing fee approach. One potential model is presented, in which publishers reduce subscription prices in anticipation of processing fee revenue, at differing rates depending on the level of the library's commitment to the processing fee approach....
Research: divide journals into groups of equivalent quality, open access policies, and production fees, but with differing incentives for libraries, with one group offering library (or consortia) -specific incentives, and the other either general or no incentives. If the hypothesis is correct, uptake of an open access processing fee option will be significantly higher at the journals with library or consortial-specific incentives....
The open access movement:
Putting peer-reviewed scientific and scholarly literature
on the internet. Making it available free of charge and
free of most copyright and licensing restrictions.
Removing the barriers to serious research.