With my first set of exams behind me, I am left pondering the age-old question. Should I stay awake and study, or should I go to sleep so that I am well rested for the exam? After four years of undergraduate studies, I have conducted many experiments of this nature. My current conclusion is that they both have benefits, but there is a trade-off. Coming off of a week long microeconomic study session, I can not think of a better way to phrase this question.
In a two good world, where graduate students only consumes hours sleeping and hours studying, what is the utility maximizing bundle?