With a thorough and systematic review of investigations into the bases of belief in paranormal phenomena, this discussion explores the four main theoretical approaches relating to the nature of such beliefs. Objective and well-researched, this account addresses different points of view on the topic—while some commentators depict paranormal believers as foolish, others propose that paranormal beliefs must be understood as necessities that serve certain psychodynamic needs. The foundations and shortcomings of each approach are also documented, and a new comprehensive theory attempts to explain the development of scientifically unsubstantiated beliefs.