Abstract: The evaluation of educational performance is one of the main public policy issues in the developed countries. Nonetheless, following a conception of education oriented to economic returns obtained in the labour market, the non-monetary effects of education have received less attention than the monetary effects, even though empirical evidence demonstrates their quantitative and qualitative importance. This paper aims to estimate the sign and magnitude of the non-monetary effects of education on private spending on goods with particular characteristics, such as harmful consumption, addictive consumption or consumption associated with visible social status. For this, an original approach is proposed, through the analysis of Spanish households' consumption preferences revealed in the Encuesta de Presupuestos Familiares [Family Budget Survey]. The estimations made enable the monetary and nonmonetary effects of education to be quantified separately and compared as regards their relative importance. The results obtained evidence the existence of strong non-monetary effects of education. However, their signs and the intensity of their effects on consumption will depend on the goods and the educational level considered. Accordingly, and from an institution-based perspective, the importance of the educational process in the configuration of an individual's social and institutional environment and, due to its influence, his consumption preferences can be deduced. Conclusions made are relevant to the description and understanding of the non-monetary effects of education and so to their quantification and inclusion in educational policy evaluation and design.

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