To keep up with the rather fast-growing interest in the discipline of Behavioral Finance and Economics -caused in part by the new realities of the post-2008 world, and the realities prevailing over three decades before and leading up to that year-there is a discernible need for the production of new generations of testable and yet more realistic models and theories as guides for financial and economic decision makers everywhere. The present work is one such attempt in that direction. This

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... g first improves upon a recently developed, and real-life-inspired, Behavioral Finance Risk Model (Yazdipour, 2011) and then offers a specific methodology for testing it.