While I don’t want to promote socialism or argue against the lesson of the story, I would think that in a college class, some of the students would start to take leadership roles and would put peer pressure on all to study.
This falls apart though because it will take just a few to bring everyone down. You are trusting in someone’s altruism. In the class, hard work would only return about 1/30th of the normal return in grade. Besides, to be effective ‘coercers’, you would have to be the big ‘brawny’ type.. which tends to be the ones not known for studying (pass the brewsky types)