“Behavioral economics” promises to bring psychology and economics back together by increasing the realism of the psychological assumptions that underlie economic theory. Better predictions of economic behavior and more effective policy recommendations should result from reunification (Camerer, 1999). This study applies behavioral economic and behavioral finance concepts and principles to tourism and hospitality research. Previous studies that have done this are reviewed and discussed. This chapter explores how to apply these ideas to demand analysis in space tourism based on a review of related past works. This study will commence with an overview of fundamental economic behavior concepts. Then, a review of pertinent literature within the tourism sector will be carried out to determine innovative perspectives and methodologies for analyzing tourists’ intricate decision-making processes. Finally, the discourse will identify which behavioral economics concepts have been implemented in space tourism and which may be utilized in the future.