The document summarizes the evolution of decision-making theories from early normative models to more descriptive approaches that incorporate risk, uncertainty, cognition, emotion and neural mechanisms. Early theories like Bernoulli's expected utility theory presented idealized cognitive processes, while prospect theory captured more complexity. Later theories incorporated affect, connecting decision-making to brain regions and neurotransmitters. The role of risk as probability and uncertainty as ambiguity became differentiated. The paper examines how each theory approaches risk and uncertainty in decisions.