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Fifth generation mobile networks are being developed to compensate the explosive growth of data traffic and shortage of spectrum. Fifth generation networks consist of multi‐tier heterogeneous network in which multi cells and multi networks are involved. The heterogeneity of different classes of base station improves spectral efficiency and provides flexible coverage area. Hence, in the heterogeneous network environment, deciding to which one mobile should connect is called network selection problem. In this paper, network selection problem in heterogeneous network is simulated by multi attribute decision making algorithm, game theory, and prospect theory. Prospect theory is new in the field of network selection. The weights for different network attributes are computed by analytical hierarchical process, standard deviation, and entropy method. The 4 different applications, i.e., video, voice, web browsing, and email transfer are considered for which available bandwidth, packet jitter, packet loss, and cost per byte are taken as most important attributes, respectively. The weights for different applications are calculated by analytical hierarchical process method. The selection is done in environment composed of heterogeneous networks such as Wi‐Fi, WiMAX, WLAN, LTE, UMTS, and GPRS. So different networks are selected for different applications because only 1 network cannot fulfill the requirement of the all applications. The performance of different methods is shown in relative standard deviation and accuracy. Prospect theory gives the maximum values of relative standard deviation and accuracy.

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