Many approaches to explaining educational inequalities relate explicitly and implicitly to benefits of education, and rational choice theories in particular consider monetary benefits. We specify a concept of the value of education that allows for an empirical analysis of educational benefits, considering both monetary and non-monetary dimensions (instrumental goals) outlined in social production function theory. Our objectives include introducing a sound theoretical framework, the validation of an empirical measurement instrument and an analysis of the differences between certain dimensions of educational values structured by social origin, gender and immigrant background. Analyses are based on a two-wave panel study (SASAL-School Alienation in Switzerland and Luxembourg) carried out in secondary schools in Luxembourg and Switzerland. We distinguish four dimensions within the concept of values of education: stimulation, comfort/status, behavioural confirmation and affection. The different dimensions of the value of education are influenced by gender and immigrant backgrounds in both national settings.