This term paper looks at work done by different eminent researchers towards the understanding of zero – as a price and as a probability, along with our perception of zero. The concept is looked at both from an economic point of view and from a psychological angle. Theories proposed to adjust the standard economic model to better reflect human behaviour and bounded rationality, found experimentally, are also discussed. The mentioned experiments can be repeated on different demographic sections with interesting results, and remain a point of further study. The emergence of neuroeconomics to fill gaps in standard economics theory has also been explored.