We present a comprehensive study of the behavioral theory of an untyped lambda-calculus extended with the delimited-control operators shift and reset. To that end, we define a contextual equivalence for this calculus, that we then aim to characterize with coinductively defined relations, called bisimilarities. We consider different styles of bisimilarities (namely applicative, normal-form, and environmental) within a unifying framework, and we give several examples to illustrate their respective strengths and weaknesses. We also discuss how to extend this work to other delimited-control operators.