While I teach some economics classes, I must admit to near complete ignorance on the optimization processes students undertake when studying. We often say that the "best" students are those who earn the highest grades. However, from (naive) economic first principles, a rational student might be expected to endeavor not to maximize her grade, but rather to study until the marginal benefit of additional study equals its cost.
Thus, we view students as grade producers who transform labor into grades. Have there been any studies that investigate the optimization problem these "grade producers" are solving when they choose how much to study (and especially on how they assess the benefits of grades)?