Growth mindset, the belief that personal attributes such as intelligence are malleable, has previously been related to more effort investment. Here, we investigated how undergraduates' mindset (N = 114) relates to the choice to invest effort during an arithmetic task, indexed by whether they make low vs. high effort‐related choices. Social cognitive theory suggests that past performance experiences (mastery vs. failure) and physiological state are important sources for competence self‐evaluations. Therefore, in addition to mindset, we also investigated how effort‐related choices are influenced more dynamically, by failures and physiological responses during the task. Growth mindset and physiological effort mobilization did not predict effort‐related choices but making mistakes did predict lower effort choices in the subsequent round. This study further supports the importance of mastery experiences for effort investment and provides a novel approach for integrating different levels of influence on effort‐related choices during an educationally‐relevant task. Students vary in how far they believe abilities can change (growth mindset) or not (fixed mindset). We investigated whether students' (growth) mindset, making mistakes and a physiological measure of effort influenced their choices for easy or difficult arithmetic problems. We found that mistakes in the previous round influenced the choice to invest effort in the next round. Against our expectations, (growth) mindset and physiological effort were not related to the choice to invest effort. [ABSTRACT FROM AUTHOR]