Students’ time investment is one of the most important inputs in their production of human capital. Yet, little is known about students’ decision to allocate time between inputs that will improve academic outcomes (e.g., study time, attending lectures) and inputs that may not have a direct impact on academic outcomes but may allow them to acquire skills valued in the labour market (undertaking extra-curricular activities such volunteering or job placement). Using an innovative and new longitudinal survey of undergraduate students at a UK university, we provide detailed information about students’ subjective expectations about the costs and returns of investment in academic and non-academic activities in terms of academic outcomes, employment, earnings and other job characteristics. By combining data on expectations and actual investments in academic and non-academic activities, we estimate a model of investment decisions to recover preference parameters for a large set of job characteristics.


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