 Economic analysis of law deploys the tools of micro-economic theory to study legal rules and institutions. The various approaches and projects within economic analysis of law thus share a common core. That core consists of the conception of action at the center of micro-economic  theory.[1]  When economic analysis of law first emerged in the 1960s, scholars adopted the standard rationality assumptions that dominated microeconomic theory at the time. This practice still dominates the literature; we shall call it the standard or classical model. In the 1990s, some scholars (see e.g. Jolls, Sunstein, and Thaler [1998]) began to apply the methods of behavioral economics to economic analysis of law. Behavioral economics rests on a different understanding of the underpinnings of choice and decision than the classical model. 