Behavioral and experimental economics are actually a part of economics. They are actually a part of the emerging research programme and are not based on the assumptions of the previous neoclassical economics research programme. The two, behavioral and experimental economics research originate from the phycology with primarily emphasizing on criticizing homo economic. Apart from criticizing, behavioral economics is also making attempts to include certain behavioral assumptions in the new models of human action. On the other hand, the classical approaches have their orientation towards the periphery of economics such that it rejects the basic neoclassical principles instead of making an attempt to change them. These approaches insist on finding an alternative branch of economics which has close association with other social sciences.

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