The fair value determination of financial assets has been always a debatable issue since the 1990s. It has always been questioned, whether this value depends, only on fundamentally calculated pricing models or it might be affected by other psychological and behavioral factors. The behavioral finance field addressed those issues extensively and provided alternative asset pricing models that incorporate and reflect behavioral aspects of decision-making. It addressed and explained the different heuristics and biases behind various market reactions that lacked any rational fundamental explanation. Behavioral finance is a relatively new paradigm that emerged to fill in the gaps in "Modern Finance". It did not develop specific models or strategies to beat the market; however, it has highlighted lots of challenging ideas that have promising directions of further research and analysis that may be very useful in welfare analysis and in wealth management. In this paper, the author is introducing an empirical examination of some of these behavioral variables to the existing pricing models to enhance the predictability of the model. It also opens the door for further research and analysis in developing behavioral models.