This paper represents the mathematical models of making decisions under uncertainty and supported by behavior foundations. Behavioral foundations give meaning to quantitative decision models and their subjective parameters. In the other words, they are giving an internal strength to the mathematical model. In this paper, we have suggested the development of decision-making from the expected utility to a prospect theory that embraces the greatest significance of human behavior and therefore is more applicable in practice. The theory of expected utility was developed after the theory of expected values, when the impossibility to define the expected values (non-quantitative models) and unreasonable maximizing models with large values were discovered. After the utility of the outcomes has appeared and the theory of expected utility was developed, experiments have shown violations in which it is shown that people do not maximize their expected utility when making decisions. Consequently, alternative models, such as rank-dependent utility and prospect theory that explain ways of making decisions in such situations, are being developed. However, the field of behavioral foundations in decision-making and behavioral theory of finance is in its start so there are more doubts that are still being investigated.