(Agrawal, March 2009), In the classical period, economics is directly connected with the human psychology. Let's take an example, Prof. Adam smith wrote "The theory of moral sentiments", an important concept representing psychological principles of human behavior. Another person called Jenery Bentham had given the concept of "Psychological underpinning of utility". There were so many difference of opinion amongst the economist related to psychology during the development of neo-classical economies as they were required to redesign the discipline in terms of natural science, with the explanation of economic behavior deducted from the assumption of nature of economic agents. In the mid of 20th century, the concept of psychology was largely neglected from the economics. Numerous factors contributed towards the revival of its treatment and development of behavioral finance. Expected utility and discounted utility models started gaining acceptance all over the world. Designing testable hypothesis about decision making under the circumstances of uncertainty and inter temporal consumption pattern. In a very short span of time, the number of experimental and continuous anomalies challenged this hypothesis. Additionally, during the scenario of 1960's, cognitive psychology started to explain the brain is a machine of analytical process of any terminology or theory.