This Article presents the first empirical study on the way in which irrelevant anchors influence the interpretation of vague legal standards. A large body of psychological research demonstrates that when people make judgments on a continuum, they are often affected by meaningless anchors....

Based on the premise that people are rational maximizers of their own utility, economic analysis has a fairly successful record in correctly predicting human behavior. This success is puzzling, given behavioral findings that show that people do not necessarily seek to maximize their own utility....

Economic analysis has had a powerful influence on legal theory and policymaking. Based on the premise that people are rational maximizers of their own utility, economic analysis has a fairly successful record in correctly predicting human behavior in all spheres of life. This success is...