This paper reports on a study undertaken in Hong Kong, addressing the way that resources are deployed in grammar schools to provide a curriculum for sixth-form students. The crucial resource in this analysis is time. An analytical technique that allows modelling of the allocational effects of alternative educational decisions is used. This technique also permits the direction and magnitude of cross-subsidizational flows among school activities to be identified The results of this analysis and their implications for Hong Kong schooling are discussed.[Copyright of Education Economics is the property of Routledge. Full article may be available at the publisher's website: http://dx.doi.org/10.1080/09645299700000002 ]
