Synopsis Of late, Behavioral Economics has evolved as a sub discipline of economics, which questioned the fundamental assumptions of traditional economic theory regarding human rationality and economic behavior. Behavioral Economics is based on the psychological underpinnings explaining human economic behavior and decision-making. It attempts to bridge the gaps in neoclassical economic theory by blending psychological, biological and ecological aspects into fundamental economic theory towards reducing inconsistencies encountered in analyzing decision-making models. Behavioral Economics deals with those aspects of economic analysis, which were either ignored or ruled out by traditional economic researchers. This inter-disciplinary concept drew the attention of the world-class researchers, including Nobel laureates, rendering immense value to the fields of economic analysis and behavioral sciences, as it lays foundations for a new field of research. This book presents the reader with a thorough understanding about the concept and scope of Behavioral Economics, its challenges to the mainstream economics and its contributions to the modern economic analysis. The book contains the views and ideas of various researchers whose contributions made Behavioral Economics an eligible sub-discipline of Economics. This book aims at making the readers understand the relevance of Behavioral Economics in contemporary economic analysis. While the first section of the book introduces Behavioral Economics as a revolutionary thought in economic theory, the second section speaks about the contemporary relevance of Behavioral Economics as a novel economic thought. This book attempts to elevate the significance of Behavioral Economics in streamlining modern economic analysis.