Optimum Time Allocation for Students

Economics Extended Essay Fung Yue Kwong, Ray
Candidate number: 000638036
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International Baccalaureate Extended Essay
What is the optimum use of time
spent on academics, extra-
curricular activities, socializing
and sleeping?
1

Name: Fung Yue Kwong Ray
School: Li Po Chun United World College of Hong Kong
Supervisor: Ms. Esther Chau
Word Count: 3994
Abstract
Time is like wealth: every day, a fixed amount of ‘money’ is given to us to invest in
different things. In Li Po Chun United World College (hereby abbreviated as LPC),
students often experience difficulties in managing time between their daily activities.
This failure in balancing time allocation has led to problems such as sleep deprivation
and unsatisfactory academic results. In this paper, I attempt to identify these time
management problems and explain them by utilizing economic concepts and theories.
To make the investigation simpler, I limited LPC students’ daily life to four categories:
academics, extra-curricular activities (hereby abbreviated as ECAs), socializing and
sleeping. As students gain utility from their daily activities, their preference and
satisfaction from different activities would largely affect their choices in a fixed amount
of time. To effectively analyze modes of time expenditure, I employed two relevant
theories – the utility theory of demand and the indifference preference theory.
My evaluation of time consumption takes on a comparative approach. Firstly, I explained
the two listed theories and explained how they relate to time consumption. Secondly, in
order to obtain information on students’ time use, I conducted surveys with LPC students
on their preferences and utility levels. After initial analysis using economic theories, I
discovered that students’ actions attain neither maximum utility nor consumption
efficiency. Lastly, to counteract this situation, I proposed methods to raise utility levels,
increase efficiency and boost available time based on the two theories.
Under an investment mindset, I have concluded that sleeping hours should be raised to 9
hours per day and socializing time should be decreased. Through a raise in academic
efficiency, academics time can be reduced, while time on ECAs can be left unchanged.
Word count: 283
2

Contents
Page
Abstract 2
1. Chapter 1 Introduction 4~5
1.1. Background and interpretation of the research question
1.2. Hypothesis
1.3. Methodology
2. Chapter 2 Consumer theory and how it relates to time
allocation
6~9
2.1. Utility theory of demand
2.1.1. Law of diminishing marginal utility
2.1.2. Utility theory of demand
2.2. Indifference preference theory
2.2.1. Indifference curve and budget line
2.2.2. Indifference map
2.2.3. Optimal equilibrium
2.2.4. Change in real income
3. Chapter 3 Interpretation of survey results 10~13
3.1. Preliminary analysis using utility theory of demand
3.2. Graphical presentation of data using indifference preference theory
4. Chapter 4 Improving time allocation 14~18
4.1. The importance of an investment mindset
4.2. Possible changes suggested by the utility theory of demand
4.3. Increasing efficiency using indifference preference theory
5. Chapter 5 Limitations and conclusion 19~20
5.1. Limitations
5.2. Conclusion
3

Bibliography 21
Appendix 1
Survey questionnaire and rationale
22~26
Appendix 2
Results, charts and comments from questionnaire
27~31
1. Chapter 1 Introduction
1.1. Background and interpretation of the research question
There was once a proverb: ‘Time is Gold’; my extended essay will use this as a
kickboard to investigate students’ modes of time allocation. I am interested in carrying
out an in-depth study into the scarcity problem that all LPC students face – time. For LPC
students, the 4 major time-consuming events are academics, ECAs, socializing and
sleeping.
The research question of this essay is:
What is the optimum use of time spent on academics, extra-curricular activities,
socializing and sleeping?
The definition for optimum is the [best possible]1
. Academics includes homework,
revision and field work. ECAs include Quan Cais2
, regular recreation such as sports or
reading, external involvements and competitions. Socializing is defined as [to meet and
spend time with people in a friendly way, in order to enjoy yourself]3
; it includes
discussions with other students and carrying out activities such as drinking and clubbing.
The definition for sleep is quality sleep on bed.
Through comparing time and resource allocation, this EE shall analyze time distribution
patterns in LPC and apply economic principles to optimize time expenditure. These shall
be done by employing two relevant theories – the utility theory of demand and the
indifference preference theory. By working on this title, I hope to gain insights in using
time, hence I can gain actual benefits from this extended essay.
1
A. S. Hornby Oxford Advanced Learner's Dictionary (UK: Oxford University Press, 1998)
2
In Chinese “全才”, which means “the development of all of one’s faculties”. As recommended by the
International Baccalaureate Organization, this program embodies action (sports), campus support, creativity
(interest-based activities) and service components. This enables students to maintain healthy bodies, give
back to the community and extend their hobbies.- Li Po Chun United World College: About LPCUWC
http://www.lpcuwc.uwc.org/en/about/about_chinese.php#qc (date accessed: 21st
Jan, 2007)
3
Footnote 1
4

1.2. Hypothesis
My current hypothesis is:
Compared to the current time allocation pattern, time on academics and sleeping should
be increased, while that on ECAs and socializing should be decreased.
My hypothesis is deduced from public opinion and personal observation. Compared to
local day schools, LPC as a residential college offers students a large degree of freedom.
Without a strict time schedule, students in LPC may find it difficult to get the right
balance between homework, participating in ECAs and socializing on campus.4
This
results in sleep deprivation, late and absent classes, unfinished homework and
unsatisfactory academic performance.5
In my opinion, students should gain a balance
between the four aspects and assign adequate time for each item. Therefore my
hypothesis aims at reducing excessive time spent on socializing and ECAs, thus using
this additional time for the remaining two elements.
1.3. Methodology
To test my hypothesis, I have interviewed 92 LPC students to find out about their time
consumption pattern in a given time frame. In addition, I have collected information on
their preferences towards different activities, their opinions on difficulties experienced as
well as possible improvements in time allocation.
4
Michele Morvan, Head of Residences of LPC, email message, 8th
Jan,2007
5
Pg. 30-31 Appendix 2
5

2. Chapter 2 Consumer theory and how it relates to time allocation
2.1. Utility theory of demand
It is essential to understand that this topic deals with choices and preferences. Economics
is about scarcity, so is time management. Time is limited, therefore one would spend
more time on preferable activities, i.e. those with greater utility. The models that I shall
employ concern mainly the utility theory of demand and the indifference preference
theory. In this chapter, I shall first explain these theories and then relate them to time
management.
2.1.1. Law of diminishing marginal utility
The basic assumption of utility theory, sometimes called the law of diminishing
marginal utility, is as follows:
The utility that any consumer derives from successive units of a particular product
diminishes as total consumption of the product increases while the consumption of all
other products remains constant.6
This is explained by the fact that one’s desire for a good decreases as one consumes
more, leading to less additional satisfaction in one’s successive consumptions. The
economists who developed marginal utility theory assumed that utility can be measured
in some abstract units called utils.7
Similarly, carrying out different activities would give different utility, thus affecting the
way time is allocated. However, it is important to first realize why I have divided LPC
life into only 4 categories. Many may argue that this comparison is unfair, since in reality
we have other activities such as traveling, eating and working both inside and outside
LPC. The reason for the creation of such 4 categories is mainly due to convenience in
analysis. Under the strict word limit of 4000 words, I believe considering too many
aspects will only lead to an incomplete analysis or failure in gaining a conclusion.
6
Richard Lipsey and K. Alec Chrystal Principles of Economics (UK: Oxford University Press, 1999), 128
7
Lipsey and Chrystal, 129
6

Moreover, my ability and knowledge in Economics limits my reasoning, so I do not wish
to go beyond what I understand.
Another point to note is that all activities are limited to after-school hours which exclude
meal hours. This is because one can only gain freedom in managing their time after
mandatory schooling and meal hours. This time, by rough estimation is 17 hours:
(Total 24 hours)-(School 7.30~8.30, 9.00~1.30)-(Meals 8.30~9.00, 1.30~2.00, 6.00~6.30)
= 17 hours
As activities can be considered as goods and time can be considered as resources to be
distributed among different activities, it follows that students gain utility from their daily
activities. For example, utility from academics originates from good grades, praise from
teachers, good school reports and future access to good universities. According to the law
of diminishing marginal utility, it can be predicted that the extra utility per additional
hour of activity will fall.
2.1.2. Utility theory of demand
The basic assumption of the theory of consumer behaviour is that consumers seek to
maximize total utility. According to the utility theory of demand, the consumer will
allocate expenditure among products so that the utility derived from the last unit of
money spent on each is equal; i.e. the point at which the consumer would value the last
unit of each product consumed equally. 8
This applies to time management as well: if the utility of the last hour spent on sleeping is
three times the utility of the last hour spent on socializing, total utility can be increased
by switching hours from socializing to sleeping. The student will continue to switch
resources as long as each hour of sleeping has more utility than socializing. This process
reduces the hours of socializing, thus raising marginal utility of socializing (law of
diminishing utility); on the other hand hours of sleeping is increased, therefore its
marginal utility is decreased. Eventually the marginal utilities will equalize, this
condition is represented by the equation:
MUx/Px=MUy/Py
9
Comparing such values of different activities enables us to see whether students have
effectively allocated their time to achieve maximum utility.
2.2. Indifference preference theory
2.2.1. Indifference curve and budget line
8
9
7

The indifference curve describes consumers’ tastes, while the budget line describes the
consumption possibilities open to them. The indifference curve essentially represents the
bundles of goods that give the same utility to a consumer, i.e. when the consumer is
indifferent.10
The key embedded concept is diminishing marginal rate of substitution – it measures
the amount of one product the consumer must be given to compensate for giving up one
unit of the other. In fact, the absolute value of the slope of the curve is the marginal rate
of substitution – the steeper the slope, the more goods on the y-axis the consumer is
willing to sacrifice for one unit of the good on the x-axis. 11
2.2.2. Indifference map
In reality, an indifference map that consists of a set of indifference curves is drawn. The
further away the curve is from the origin, the higher the level of satisfaction it
represents.12
Graph 1 An indifference map
In the case of time management, it is virtually impossible to obtain an accurate
indifference curve. Firstly it is because activities cannot be defined by units. Secondly, it
is difficult for one to determine which bundles of activities would yield equal satisfaction,
since this depends largely on different situations. The property that is possible to
determine is the shape of the curve, since the slope is affected by students’ preferences.
2.2.3. Optimal equilibrium
Combining both graphs, the equilibrium of the consumer is found where the indifference
curve is tangent to the budget line. This is because if a consumer wants maximum
10
11
Robert H. Frank Microeconomics and Behaviour (USA: McGraw-Hill Companies, 1997), 85-86
12
Paul A. Samuelson and William D. Nordhaus Economics (USA: McGraw-Hill Companies, 1998), 97-98
I1
I2
I3
Quantity x
per time
unit
Quantity y
per time unit
8

satisfaction, he/she would try to reach the highest attainable indifference curve within the
given limits. At that point, it is impossible to reach a higher indifference curve by varying
the bundle consumed.13
2.2.4. Change in real income
A change in the consumer’s income will, ceteris paribus, shift the budget line outwards.
As the budget line indicates consumers’ consumption possibilities, it shifts outward when
income rises and inwards when income falls. For every level of income, there will be an
equilibrium position at which the indifference curve is tangent to the relevant budget
line:14
Graph 2 Effect of rising income
In the context of time management, an increase in ‘income’ is made possible through
increased efficiency. Similar to how consumers with higher income can buy more
products, higher efficiency enables higher productivity per time unit. In the end, higher
efficiency creates a virtual increase in time, meaning that more can be done per time unit.
13
14
I1
I2
I3
Quantity x
per time
unit
Quantity y
per time unit
9

3. Chapter 3 Interpretation of survey results
In this chapter, I shall investigate if the optimal equilibrium of time allocation is attained
by LPC students who have taken the interview. If not, I shall look into the problems
where time may be allocated differently.
3.1. Preliminary analysis using utility theory of demand
According to the utility theory of demand, utility is maximized when MUx/Px=MUy/Py.
However tailoring the equation to this context, maximum utility is attained when
MUa/Ta=MUe/Te=MUso/Tso=MUs/Ts, where T is time spent, MU is marginal utility, a is
academics, e is ECAs, so is socializing and s is sleeping.
Taking results from survey questions 1,5,6,7 and 815
, the following calculations are made:
MUa/Ta =50.6/3.5 =14.5
MUe/Te =62.4/2.9 =21.5
MUso/Tso =71.7/3.8 =18.9
MUs/Ts=86.1/6.5 =13.2
Therefore MUa/Ta ≠ MUe/Te ≠ MUso/Tso ≠ MUs/Ts
Due to the unequal values, maximum utility is not attained. This means despite the fact
that LPC students know their time preferences and have deliberate time allocation, they
do not gain the satisfaction that they should gain. This may signify poor determination or
exceeding expectations that one cannot achieve.
Zooming in, values for ECAs and socializing are relatively high, while that of academics
and sleeping are relatively low. This reflects how students would rather sacrifice time for
academics and sleeping in exchange for time on ECAs and socializing. This phenomenon
may contribute to a vicious cycle which students spend too much time on ECAs and
socializing, therefore they procrastinate and work late into the night. Consequently, they
suffer from sleep deprivation and lose concentration, in the end choosing ECAs and
15
Pg. 27, 29-30 Appendix 2
10

socializing instead of finishing their work. From a philosophical point of view, at this
stage, students may be too young to realize the significance of their actions. Socializing
and ECAs may create enjoyment immediately; yet academics and sleeping may be
advantageous to their future! As teenagers living in this materialistic age, students may be
compelled to base their actions on instant pleasure, but not future benefits.
Another point worth noting is the utility data collected from academics and sleeping. In
questions 5 and 8 of my survey, I have asked students to indicate their level of
satisfaction in each continuous hour of every activity16
. According to the law of
diminishing marginal utility, the level of satisfaction (i.e. utility) should decrease as time
passes. However results have shown that students on average have the highest utility
level in the second hour17
, which contradicts economic theory. This shows how students
are not attaining consumption efficiency, that is, they cannot make the most out of every
hour of activity. In the case of academics, this may be due to a lack of concentration
during the first hour of study or not being able to jump into the studying mentality. For
sleeping, this may be because of noisy roommates and bright surroundings, which creates
an undesirable sleeping environment and adversely affects sleeping quality.18
3.2. Graphical presentation of data using indifference preference theory
Firstly, a graph comparing hours used on leisure and work is plotted. To explain how data
is converted into graphs, the following is a detailed procedure on how my survey data can
be related to the indifference preference theory.
Assume that every hour of not working is spent on leisure. Given that total time available
is 17 hours, a budget line is plotted as follows. Next, calculate the hours spent on leisure
and time respectively from survey question 119
to find the current equilibrium:
Activity Time spent
Work Tw=Ta+Te=3.5+2.9=6.4
Leisure TL=Tso+ Ts=3.8+6.5=10.3
*The total time may not be equal to 17 hours due to statistical errors.20
16
17
18
National Sleep Foundation- The Sleep Environment
http://www.sleepfoundation.org/sleeplibrary/index.php?secid=&id=358 (date accessed: 21st
Jan, 2007)
19
Pg. 27 Appendix 2
20
Pg. 19 Section 5.1
11

IndiffernceCurveof Leisureagainst Work
Work (hours)
Leisure(hours)
Graph 3 Indifference curve of leisure against work
According to the diminishing marginal rate of substitution, a student will give up less and
less hours of leisure to further increase his/her working time by one hour. To explain the
specific shape of the indifference curve I1, as 67.4% of the students prefer leisure to
work, while only 7.6% prefer work to leisure21
; students tend not to sacrifice leisure hours
in exchange for working hours. Therefore comparing A and B, there is a relatively greater
trade-off rate from working hours to leisure hours when there are little leisure hours (B),
while there is a relatively smaller trade-off from leisure hours to working hours when
there are little working hours (A).
21
Pg. 28 Appendix 2
12
I1
B
A

Secondly, the indifference curve of sleeping against socializing is plotted. From survey
question 4, the majority of the students (57.6%) prefer socializing to sleeping22
; therefore
students tend not to sacrifice socializing hours in exchange for sleeping hours.
Comparing C and D, there is a greater trade-off rate from sleeping hours to socializing
hours when there are little socializing hours (C), while there is a relatively smaller trade-
off from socializing hours to sleeping hours when there are little sleeping hours (D).
Indifferencecurveof sleeping against socializing
Socializing (hours)
Sleeping(hours)
Graph 4 Indifference curve of sleeping against socializing
Thirdly, from survey question 3, the majority of students (64.1%) prefer ECAs to
academics23
. As a result, the graph of academics against ECAs is similar to graph 5,
except for the position of the equilibrium.
22
Pg. 29 Appendix 2
23
Pg. 28 Appendix 2
13
I2
C
D

4. Chapter 4 Improving time allocation
4.1. The importance of an investment mindset
Rather than focusing on immediate joy, students can learn how to invest in activities and
earn long-term benefits by making rational choices. Referring to section 3.1, students
may not be making the best decisions since they spend more time on ‘enjoyable’
activities, i.e. socializing and ECAs, rather than activities that can potentially lead to
long-term returns, i.e. academics and sleeping. Spending quality time on academics does
not only yield good examination results, but also leads to higher predicted grades24
and
helps with future university applications. On the other hand, quality sleep enables higher
efficiency and heightened concentration25
. This is similar to how people would invest
their money in buying stocks or real estates rather than spending every single penny on
consumption goods.26
Although it is undeniable that socializing and ECAs do long-term benefits such as
building lifelong friendships and enriching one’s experiences, students should not neglect
the advantages of studying and sleeping. This does not imply that students should
immediately allocate time slots to academics and sleeping, but reminds students that they
should place stronger emphasis on these two aspects and avoid placing them at the lowest
priority.27
4.2. Possible changes suggested by the utility theory of demand
Firstly, to attain maximum utility and MUa/Ta=MUe/Te=MUso/Tso=MUs/Ts, the average
marginal utility of academics and sleeping can be raised in order to equalize values to a
middle balance. As the most academically outstanding United World College28
, LPC
boasts the academic caliber of its students and has maintained high International
Baccalaureate (hereby abbreviated as IB) scores every year. This gives pressure to
current students and forces them to study for examinations, instead of learning for the
sake of knowing. This stressful academic environment has reduced satisfaction gained
from academics and suppressed its marginal utility levels.
To motivate students to study, there should be different solutions that cater for both Hong
Kong and overseas students. For local students, the Hong Kong education system has
long been criticized as ‘rote learning’, meaning that it requires students to forcibly
memorize rather than learn. 29
To relieve local students of this stereotype, LPC teachers
may spend time on topics beyond the curriculum and spark students’ interest to learn. For
24
A score out of 42 based on teachers’ prediction of a student’s final IB grade
25
Pg. 15 Section 4.3
26
Robert T. Kiyosaki, Sharon L. Lechter, Rich Dad, Poor Dad: What the Rich Teach Their Kids About
Money--That the Poor and Middle Class Do Not! (USA: Warner Business Books, 2000)
27
As suggested by students in Appendix 2 question 9
28
Li Po Chun United world College: Contact LPCUWC
http://www.lpcuwc.uwc.org/en/about/about_results.php (date accessed: 21st
Jan,2007)
29
International—Spotlight on Hong Kong (Business Week online)
http://www.businessweek.com/2000/00_33/c3694189.htm (date accessed: 21st
Jan,2007)
14

overseas students, the school should discourage a purely academic approach and
emphasize how learning may promote UWC ideals (e.g. learning Environmental Studies
can help one to live an environmentally-friendly lifestyle). Under the investment mindset,
the school can also help its students see the long-term impacts of academic achievements
through activities such as careers or university admission talks; so that students can
adequately prepare, but not be overly stressed about their academics.
Regarding sleep, from my experience, the creaking and banging noises produced by door
hinges, closet doors and drawers cause a major irritation to normal sleeping. To increase
the marginal utility of sleeping, the school can install rubber door silencers to these
hardware and reduce the sound upon impact.30
Secondly, to improve initial satisfaction levels in academics and sleeping, LPC students
can seek ways to optimize their studying and sleeping environment. They can study in
quiet places such as the library or classrooms to boost their concentration. With the
extension of library opening hours31
, students may take advantage of these facilities and
improve their quality of studying. Should students study in their room, they can set up
‘working periods’ which no visitors are allowed entry and no roommates are allowed to
play music. A desirable sleeping environment also relies on darkness32
. This depends
largely on the cooperation and understanding between roommates. Students may also
purchase curtains or eye masks to block out light from desk lamps.
4.3. Increasing efficiency
According to Mary A. Carskadon, the Director of Chronobiology/Sleep Research at the
E.P. Bradley Hospital and Professor of Psychiatry and Human Behavior at Brown
Medical School in Providence, teenagers require an optimum sleeping time of 9 hours.33
This yields maximum restorative, energizing and revitalizing benefits to our body; which
otherwise if not fulfilled will put relationships, productivity, health and safety at risk.34
More sleeping would result in higher productivity35
, reducing time needed for homework.
Our Director of Studies, Mr. John Green, also stated that the International Baccalaureate
Organization expects 9 hours of sleep from students in order to work efficiently. Apart
from academics, adequate sleeping can also boost students’ spirits and bring pleasant
relationships among roommates. Conversely, sleep deprivation would weaken students’
immune system; as a result they are more prone to diseases and may infect their
30
- Door Hardware- Door Silencer http://www.chown.com/cgi-bin/lansaweb?
PROCFUN+HP1466+HP1466A+HDW+FUNCPARMS+ZXMLNR(S0100):0000000000+ZXJENR(S0100
):0000032031 (date accessed: 21st
Jan, 2007)
31
From 9.00am ~ 11.00pm to 8.30am ~ 1.00am
32
Footnote 18
33
National Sleep Foundation-Sleep and Teens –Biology and Behaviour
http://www.sleepfoundation.org/hottopics/index.php?secid=14&id=394 (date accessed: 11th
Nov, 2006)
34
National Sleep Foundation- Let Sleep Work for You
http://www.sleepfoundation.org/sleeplibrary/index.php?id=57 (date accessed: 12th
Nov, 2006)
35
Footnote 39
15

roommates simultaneously.36
In addition, staying active during late hours would disturb
roommates’ sleep, consequently leading to a vicious cycle.
By applying a minimum 9 hours limit to sleeping37
, graph 4 becomes:
Indifferencecurveof sleeping against socializing
Socializing (hours)
Sleeping(hours)
Graph 5 indifference curve of sleeping against socializing after more sleep
By shifting the indifference curves upwards, while time for socializing may seem to be
reduced, students may think of incorporating socializing into their ECAs. While ECAs
generally require a certain amount of ‘work’, they also enable students to interact within
their groups and establish friendships. These interactions are a form of socializing and
compensate for the ‘lost’ time for socializing.38
With more sleep, students have higher academic efficiency and thus their ‘available
time’39
is increased:
36
Footnote 39
37
Pg. 8 Section 2.2.2.
38
Beta Chau, Extra-Curricular Activities Master of LPC, email message, 8th
Jan, 2007
39
16
I2
I3

Indifferencecurveof academicsagainst ECAs
ECAs(hours)
Academics(hours)
Graph 6 Indifference curve of academics against ECAs after increased efficiency
Please note that the increase in time available for academics and ECAs does not imply a
practical increment; rather, it denotes the increased amount of work one can handle per
time unit when they are efficient. However, is all of this extra time used necessarily on
academics and ECAs?
Given that the IB prescribes 3 hours of academic work every week for higher level
subjects and 2 hours for standard level subjects40
; in addition most LPC students take 3
higher level and 3 standard level subjects41
, academic hours needed per day:
(3*3+2*3)/7= 2.1 hours
This is far less than the 3.5 hours of academic time spent by LPC students42
and indicates
that LPC students are performing inefficiently. Furthermore, assuming every student
takes 6 ECAs and each ECA lasts for 2 hours43
, ECA hours needed per day:
(6*2)/5= 2.4 hours (There are no ECAs on Saturday or Sunday)
This is similar to the average 2.9 hours spent on ECAs44
considering that there are other
activities such as the Global Issue Forums, International Current Affairs and Cultural
Evenings. All these calculations imply that the original amount of time assigned to
40
Esther Chau, Economics teacher, direct interview, 10th
Jan, 2007
41
From my personal experience
42
Pg. 27 Appendix 2
43
Footnote 39
44
Pg. 27 Appendix 2
17
I5
I6

academics and ECAs is more than enough. The extra time yielded by higher efficiency
can be used to compensate for socializing time which is reduced because of essential
sleeping hours.
Combining all of the above improvements, the overall graph can be redrawn as follows,
in which a higher indifference curve (I7) represents increased satisfaction45
:
IndiffernceCurveof Leisureagainst Work
Work (hours)
Leisure(hours)
Graph 7 Indifference curve of leisure against work after increased efficiency and more sleeping
5. Chapter 5 Limitations and Conclusion
5.1. Limitations
45
18
I1
I7

In this extended essay, there are limitations concerning data collection and analysis.
Firstly for data collection, a sample size of 92 students may not accurately reflect the time
consumption patterns of all LPC students, therefore a complete model cannot be
produced. Furthermore, there may be a difference of priority between local and overseas
students. This may generate extreme results and affect the accuracy of my analysis.
Secondly, time consumption is an extremely subjective and erratic subject that simply has
neither set rules nor constant values. This would make accurate analysis difficult as time
consumption varies greatly among individuals. Thirdly, the averages of values are
employed for further calculations; therefore its derivation from real values may cause
discrepancies. Fourthly, as commented by students46
, measuring the marginal utility by
asking for students’ satisfaction during continuous periods of the same activity is
inaccurate due to the fact that satisfaction is qualitative, not quantitative. No one has ever
succeeded in defining such a unit in terms that could be explained to consumers, nor
could anyone measure utils objectively.47
This is the major drawback of human
economics – since the theory of consumer utility is placed in a fixed context, it cannot be
wholly applied to human economies.
For data analysis, the first limitation is that the indifference curve cannot be accurately
plotted, this affects its shape and in turn the position of the equilibrium position. The
second limitation lies in the narrow band of activities that are considered, this excludes
many other daily activities that take time (e.g. personal hygiene, traveling), thus making
the results unreliable. Lastly, time consumption theories proposed by contemporary
economists are not considered due to the requirement of advanced knowledge in order to
understand the theories. This limits the scope of my investigation and inhibits the
accuracy of my analysis.
5.2. Conclusion
Throughout this essay, I have examined the optimum use of time spent on academics,
extra-curricular activities, socializing and sleeping. This essay focuses on the unwise
time allocation of LPC students which would severely affect students’ health,
concentration and productivity. To counteract this undesirable phenomenon, I have
proposed solutions according to the utility theory of demand, indifference preference
theory, investment principles and considering how efficiency is affected by sleep.
From survey results, I have shown that LPC students do not obtain maximum utility and
attain consumption efficiency. On the other hand, they are trapped in a vicious cycle of
poor time management, which leads to procrastination and sleep deprivation.
After detailed analysis, I found that both the students and the school have roles to play
in improving time allocation. Firstly students should have an investment mindset and
re-prioritize their activities. Secondly, students and the school should seek ways to
improve the environment and raise students’ satisfaction levels in academics and
46
Pg. 27 Appendix 2
47
19

sleeping. These would help students to ‘consume efficiently’ and attain maximum
satisfaction. Thirdly, students should insist on 9 hours of sleep in order to raise their
working efficiency and benefit others by creating a healthy campus.
In conclusion, my final deduction contradicts my original hypothesis partially: ‘time
on academics and sleeping should be increased, while that on ECAs and socializing
should be decreased’. To achieve optimal time distribution, sleeping hours should be
increased to 9 hours and socializing time should be decreased (although it may be
compensated by increased efficiency); through a raise in academic efficiency, time
on academics can be reduced, while time on ECAs is unchanged as it has socializing
value.
Economics is never accurate and it is even harder to predict human behaviour using
Economic theories. The real problem is – how can these improvements be promoted to or
convince LPC students? Would they be too lazy to bother with altering their lifestyle? To
make the essay more applicable to real life, I am interested in how the investigation can
be further expanded to other aspects of academic life, such as transportation and
shopping. Although this essay does not provide the most accurate and professional advice
to improve time management, it presents a reasonable time strategy and points students in
the right direction of how to prioritize time.
Bibliography
Books
20

Paul A. Samuelson and William D. Nordhaus Economics (USA: McGraw-Hill
Companies, 1998)
Robert H. Frank Microeconomics and Behaviour (USA: McGraw-Hill Companies, 1997)
Richard Lipsey and K. Alec Chrystal Principles of Economics (UK: Oxford University
Press, 1999)
A. S. Hornby Oxford Advanced Learner's Dictionary (UK: Oxford University Press,
1998)
Robert T. Kiyosaki, Sharon L. Lechter, Rich Dad, Poor Dad: What the Rich Teach Their
Kids About Money--That the Poor and Middle Class Do Not! (USA: Warner Business
Books, 2000)
Journals
Clifford Sharp “The Economics of Time” The Economic Journal 366 (1982)
Internet Documents
National Sleep Foundation-Sleep and Teens –Biology and Behaviour
http://www.sleepfoundation.org/hottopics/index.php?secid=14&id=394 (date accessed:
11th
Nov, 2006)
National Sleep Foundation- Let Sleep Work for You
http://www.sleepfoundation.org/sleeplibrary/index.php?id=57 (date accessed: 12th
Nov,
2006)
National Sleep Foundation- The Sleep Environment
http://www.sleepfoundation.org/sleeplibrary/index.php?secid=&id=358 (date accessed:
21st
Jan, 2007)
Survey Design, Questionnaire Design Tips
http://www.surveysystem.com/sdesign.htm (date accessed: 4th
Jun, 2006)
Li Po Chun United World College: About LPCUWC
http://www.lpcuwc.uwc.org/en/about/about_chinese.php#qc (date accessed: 21st
Jan,
2007)
Li Po Chun United world College: Contact LPCUWC
http://www.lpcuwc.uwc.org/en/about/about_results.php (date accessed: 21st
Jan, 2007)
International—Spotlight on Hong Kong (Business Week online)
http://www.businessweek.com/2000/00_33/c3694189.htm (date accessed: 21st
Jan, 2007)
Door Hardware- Door Silencer http://www.chown.com/cgi-bin/lansaweb?
PROCFUN+HP1466+HP1466A+HDW+FUNCPARMS+ZXMLNR(S0100):0000000000
+ZXJENR(S0100):0000032031 (date accessed: 21st
Jan, 2007)
Appendix 1
Survey Questionnaire and rationale
Rationale
21

This is a topic that is based on the LPC community itself; therefore conclusions have to
be drawn from empirical evidence instead of mere predictions. An online survey was
drafted using the services provided by Free Online Surveys.com:
http://FreeOnlineSurveys.com/rendersurvey.asp?sid=h1talv1d50hsw2r213085
To make my survey more appealing and inviting to fill in, I chose a web-based survey
system by Problem Free Ltd. This type of survey has quite a few advantages, including
speed of gathering responses, low cost, high efficiency, letter formatting and the ability to
receive honest and longer answers compared to self-administered surveys.48
Another pro
is its consistency – all questions are asked in the same way, preventing any bias. In
addition, I do not have to spend a lot of time giving out forms and collecting them.
I started the survey with a short introduction which tells students about my EE topic, its
aim, the 4 categories of activities and the normal situation. Realizing that our time
preferences and management is highly variable, it is essential to set a normal situation as
a reference point. Another important point to note is the hypothetical situation of students
staying all the time in LPC, or else time can be allocated to traveling, shopping or
entertainment purposes.
Questions have been ordered in the sense that similar ones are grouped together, thus
avoiding repeated instructions and making the questionnaire easier to answer. Simpler
questions are positioned first to build rapport with the interviewees, while open-ended
questions are left at the end so people will be more willing to answer them.
The Survey
Dear LPC Students,
Thank you for taking the time to come here! I am most grateful for your
help and I would appreciate it very much if you would complete this survey.
As you have read from the email, I am working on an Economics EE entitled: What is
the optimum use of time spent on academics, ECAs, socializing and sleeping?
In this essay, I aim to :
- uncover the difficulties of time management faced by fellow LPC students,
- interpret our time schedules in terms of Economics,
- try to apply Economics theories to improve our time management
Throughout this survey, I shall ask questions that relate to your time management
and satisfaction levels in four fields: Academics, Quan Cais, Socializing and
Sleeping.
It is important to note that all time management questions are based on a normal
situation, i.e.:
48
Survey Design, Questionnaire Design Tips http://www.surveysystem.com/sdesign.htm (accessed
4/6/2006)
22

- There IS homework, possibly 2 pieces of work to meet at the end of the week
- There is NOT a test 'tomorrow'
- This is a normal school day in which you have lessons and Quan Cais
- You stay in LPC campus the whole time
Satisfaction levels and preferences, however, can be based on your personal
experience.
There will also be open-ended questions and I would really appreciate it if you can
give me more insights into the topic.
I shall be happy to receive any comments and improve the survey should any
criticism apply!
Thank you once again and please bear with me through this survey!
1)
How many hours would you distribute to each of the following each day?
* Taking out class hours and meal times, the total time available is 17 hours
*Academics (inc. Doing homework, revising and other
schoolwork)
*Quan Cais (inc. campus support, action, service,
creativity and planning time)
*Socializing (inc. chatting, watching movies together,
etc.)
*Sleeping
2)
Which one do you like more, work or leisure?
*Work refers to academics and Quan Cais, Leisure refers to socializing and sleeping
Work
Leisure
No preference
3)
Which one do you like more, academics or Quan Cais?
Academics
23

Quan Cais
No preference
4)
Which one do you like more, socializing or sleeping?
Socializing
Sleeping
No Preference
5) What is your level of satisfaction in each continuous hour of Academics?
e.g. continuously working on a chemistry lab for 4 hours
*The following instructions applying to the next 3 questions as well:
*Rated on a scale of 0-100, with intervals of 10
*Continuously performing academic activity means, e.g. revising continuously for 3
hours. The level of satisfaction may drop with each continuous hour due to fatigue,
boredom, loss of concentration or hunger. Please consider this question in a hypothetical
situation and rate according to your own experience.
*Level of satisfaction means the satisfaction gained due to various reasons, e.g.
Happiness, Experience, Friendship, Good academic performance, Good entries for future
resume, Renewal of mind and body
*Example: (in the case of academics)
Hour of activity Level of Satisfaction (reasons for your reference)
First Hour-------70 (since I learn a lot from revising)
Second Hour----60 (since I still gain a lot by reviewing previous concepts)
Third Hour------40 (since my concentration is rapidly dropping, I gain less from revising)
Fourth Hour-----20 (since I have no more interest in studying, I only want to play)
*First Hour
*Second Hour
*Third Hour
*Fourth Hour
24

6) What is your level of satisfaction in each continuous hour of Quan Cai?
e.g. continuously doing service in Pinehill for 4 hours
*First Hour
*Second Hour
*Third Hour
*Fourth Hour
7) What is your level of satisfaction in each continuous hour of socializing?
e.g. Chatting with your friends continuously for 4 hours
*First Hour
*Second Hour
*Third Hour
*Fourth Hour
8) What is your level of satisfaction in each continuous hour of Sleep?
e.g. continuously sleeping for 4 hours
*First Hour
*Second Hour
*Third Hour
*Fourth Hour
9) What difficulties do you encounter in managing time between the 4
fields: Academics, Quan Cais, Socializing and Sleeping?
What do you feel wrong about your time planning?
10) What do you want to change about your time management?
What improvements can you make to optimize the use of time?
11)
Personal Correspondence (Optional)
25

- What do you think about "the optimum use of time spent on academics, ECAs,
socializing and sleeping"?
- Any comments about this survey?
- Your name
- Your nationality (for statistical purposes)
- Would you like to receive a copy of my finished EE?
- Your email address
Appendix 2
Results, charts and comments from questionnaire
Foreword
26

There was an astounding 92 replies, not to mention that a lot of them included detailed
answers to aid my EE!
Prior to the real survey, I carried out a pilot survey and comments received generally
pointed towards the wording of questions. ‘Preference’ was a vague word, therefore I
substituted it with ‘like’ or ‘dislike’. Students also complained about the ‘satisfaction’
questions for socializing and sleeping, either because it’s impossible to measure or
satisfaction just never falls. This shows that students without Economics concepts might
be confused by ‘total utility’ and ‘marginal utility’. In addition, satisfaction depended on
many variables, therefore students found it challenging to answer this type of questions.
The ‘number of available hours’ was not justified either due to possible ‘free blocks’49
that increase free time. Obscurity was also an issue, I should had stated explicitly that
names shall not be publicized. The length of the survey was criticized, while excessive
instructions were unnecessary to some students.
Results
The results given here have been calculated and the range of answers will be provided for
reference: (all numerical data is corrected to 1 decimal places for clarity)
1) How many hours would you distribute to each of the following each day?
Activity Average hours
distributed
Maximum Minimum
Academics 3.5 8 0
ECAs 2.9 6.5 0
Socializing 3.8 9 1
Sleeping 6.5 10 1
*Total hours do not equate to 17 hours due to statistical errors.
Averagetimeallocation
Academics
21%
ECAs
17%
Socializing
23%
Sleeping
39%
49
Lesson blocks that are not occupied by any subject
27

2) Which one do you like more, work or leisure?
Activity Work Leisure No preference
Responses 7 62 23
Percentage (%) 7.6 67.4 25
Preferencebetween work and leisure
Work
8%
Leisure
67%
No preference
25%
3) Which one do you like more, academics or Quan Cais?
Activity Academics ECAs No preference
Responses 15 59 18
Percentage (%) 16.3 64.1 19.6
Preferencebetween academicsand ECAs
Academics
16%
No preference
20%
ECAs
64%
4) Which one do you like more, socializing or sleeping?
Activity Socializing Sleeping No preference
Responses 53 25 14
Percentage (%) 57.6 27.2 15.2
28

Preferencebetween socializing and sleeping
Socializing
58%
Sleeping
27%
No preference
15%
5) What is your level of satisfaction in each continuous hour of Academics?
Hour 1 (average) 2 (average) 3 (average) 4 (average) Average of
4 hours
Satisfaction
(marginal
utility)
62.8 64.2 46.9 28.4 50.6
6) What is your level of satisfaction in each continuous hour of Quan Cai?
4 hours
Satisfaction
(marginal
utility)
77.5 70.8 56.5 44.7 62.4
7) What is your level of satisfaction in each continuous hour of socializing?
4 hours
Satisfaction
(marginal
utility)
82.1 77.7 68.1 58.9 71.7
8) What is your level of satisfaction in each continuous hour of Sleep?
4 hours
Satisfaction
(marginal
utility)
79.4 93.4 86.1 85.6 86.1
29

Comparison of marginal utilitiesof different activities
50.6
62.4
71.7
86.1
0
10
20
30
40
50
60
70
80
90
100
Academics ECAs Socializing Sleeping
Activity
Averagemarginalutilityoutof100
9) What difficulties do you encounter in managing time between the 4 fields:
Academics, Quan Cais, Socializing and Sleeping? What do you feel wrong about
your time planning?
Summary:
 Sleeping is seriously deficient (because time is taken up by Quan Cais and
socializing), leading to below-average academic performance. Sleeping is
considered as something that can be forgone for other activities’ sake
 Too much socializing, since environment offers many interesting people; it is also
against the norm to only study but not socializing, students prefer seeing
friends to academics (peer pressure)
 Too many unexpected distractions, therefore work is constantly procrastinated
 Lack of priorities, scheduling and self-control, which leads to inadequate time for
certain activities. Socializing may take a full night, while piled up work is finished
last-minute, sacrificing sleep
 Vicious cycle: spend too much time on socializing and Quan Cais not enough
time for academicsprocrastinationlack of sleepnot enough
energyprocrastination, socialize instead of academics…
10) What do you want to change about your time management? What
improvements can you make to optimize the use of time?
Summary:
 Review time-use, eliminate time used in inefficient areas and increase time for
useful areas
30

 More time on sleeping to raise efficiency in other areas
 Spend less, but effective time on academics (not at night, but during the day), so
time can be allocated to other areas
 Be self-disciplined and follow a plan/ schedule
 Concentrate and raise efficiency when working
 Less socializing
 Put off time for studying everyday
 Make use of short time periods –free blocks, time between lunch and ECA, time
before check-in
What do you think about "the optimum use of time spent on academics, ECAs,
socializing and sleeping"?
 Healthy balance between the 4 activities, when everything is done to a reasonable
amount
 Spend time in your way, depends on personal choice
 Reduce quantity, improve quality of time by separating activities distinctively (high
concentration, continuous activity); or alternatively break up work into sections to
avoid inundation
 *Total time is not important, the quality is important, e.g. sleeping that is scattered
throughout the day is of low quality
 Fixed time of sleep, variable academic or ECA hours till necessary, socialize the
remaining time
 Strong determination, strict adherence to time schedules
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 https://www.homeworkping.com/
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