On subjective expected value under ambiguity

Abstract The paper describes decision-making models based on a newly introduced notion of personal expected value. Such models exhibit the ambiguity aversion, which is controlled by a subjective parameter with the semantics of “the higher the aversion, the higher the coefficient”. For negative values of this parameter the models thus manifest a positive attitude to ambiguity. If this parameter equals zero, then the respective model turns into the usual belief function without the aversion to ambiguity. In this case, the personal expected value equals the recently introduced Shenoy's expectation. Finally, the behavior of these models is briefly compared with experimental data.