For we instructors, seeing our students as (admittedly flawed) rational actors can make us better teachers. In the case of reading, say, we can make reading a more rational strategy by not 'covering' the reading in lectures, designing assignments that reward careful reading, filling in gaps in students' background knowledge when necessary, and so on.
This observation — that how we teach and the learning environments we create make certain student behaviors rational from their point of view — was in my mind as read this interview with James Lang, the author of a recent book on academic cheating.
Lang puts his main point very nicely: