Shredder said:
are there any economists out there who can offer some insight on the economic basis of volunteering, for example opportunity cost, comparative advantage, marginal cost/benefit. any suggested reading?
im filling out amcas without having done any volunteering bc ive been fundamentally opposed from an economic standpoint. im certain this will hurt me in admissions but i find that im nonetheless unable to give in and do it.
As a former economics student/researcher...
The opportunity cost is obvious: losing $10/hr or whatever by working for pay. However, this opportunity cost is a short-term issue.
The main benefit is to be able to SAY that you've volunteered in an application, interview, etc. A similar benefit is to show that you've "paid your dues" like most other applicants; or to show that you have some capacity for "altruism," even though that word is so irrelevant in the instrumental volunteering of most premeds.
Of course, there is also another benefit, which I think is pretty minor-- to have contributed to the well-being of others, to help out some doctors, nurses, pts, etc. But what you can do as a volunteer is often so minor that you aren't really helping people all that much (in contrast to a volunteering gig I had, which was just doing interesting research for free).
The cost of not volunteering is binomially distributed. Either 1) the admissions committee doesn't care, and you get in; or 2) they think you haven't paid your dues, and you get rejected/waitlisted/no interview. If you get (1), there will be no cost to your lack of volunteering... but if (2), the cost is great. This binomial distribution is just like having a disease--you either have it or not...
The marginal utility of volunteering is pretty interesting, in my opinion. The marginal utility is high at low levels of volunteering, but low as you accumulate more volutneer hours. IE, it's great to have 50 volunteering hours vs. 0 hours; good to have 100 vs. 50; nice to have 200 vs. 100, but at a certain point (I would guess that it's about 100 or so hours), more volunteering doesn't mean anything except that daddy or mommy is funding your free work. This point implies that you should try to get 50 or 100 volunteer hours to write an update letter during the application process, noting that you are volunteering regularly in a new position.
When I said that the opportunity cost is a short-term issue, it's because the long-term opportunity cost can be great. If it helps you get in, then the economic benefit can be great-- you get into a slightly better school, score a slightly better residency, a make an extra 10 g's per year.... I don't like this kind of advice, as it underpins the crazy premed logic that leads people to drive themselves nuts by studying late into the night, fighting for slightly higher grades, freaking out over an A-/B+, etc.
If you have bothered to read this, thank you! Good luck with your application.