I came across this excellent local-value study by teaching artist Melissa Weinman (website).
She drew 3 balls which she colored white, gray and black with acrylic paint, placing them under the exact same lighting conditions. The image bellow was the result.
The most important and interesting deductive use I found for this is for skin values in people and how different colored-skin individuals would appear under the same light.
The darkest ball has a darker core shadow and a darker cast shadow. The highlight appears smaller and in greater contrast to its surrounding.
These effects gradually change as we get to the white ball which has a bigger highlight with smaller contrast between the highlight and its surrounding as well as a lighter core shadow and a lighter cast shadow.