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Utilizing situated expectancy-value theory, this study evaluated the factor structure and longitudinal invariance of students’ self-reported expectations, task values, and costs. The study compared longitudinal models including bi-factor (B) models, exploratory structural equation models (ESEM), and B-ESEM models and contributes to the evidence depicting these as advantageous compared to traditional confirmatory factory analyses. Results showed the ESEM and B-ESEM models had good fit and met longitudinal invariance assumptions. This affords flexibility when choosing models based on SEVT theoretical preferences over fit alone. The B-ESEM was chosen, and the retained SEVT variables influence on achievement was assessed. GPA was positively predicted by expectations but negatively predicted by utility value and psychological costs early. Opportunity costs negatively predicted GPA later in the semester.