Simply put, contextual targeting is the placement of ads in editorial contexts related to the product being advertised. Such as an ad for a computer next to an article about computers. Behavioral Targeting reaches online audiences with advertising based on where people go and what they do, as indicators of what their interests are most likely to be.
The first study to use Eye Tracking to compare behavioral targeting to contextual targeting in terms of advertising awareness, branding measures and ROI, was designed to test the belief about higher attentiveness in contextual targeting, was conducted by Next Century Media for Tacoda.