This paper proposes a model of decision under ambiguity deemed vector expected utility, or VEU. In this model, an uncertain prospect, or Savage act, is assessed according to (a) a baseline expected-utility evaluation, and (b) an adjustment that reflects the individual's perception of ambiguity...

This paper analyzes a model of decision under ambiguity, deemed vector expected utility or VEU. According to the proposed model, an act f, mapping states of nature to prizes, is evaluated via the sum of (1) a baseline expected-utility term, and (2) an ambiguity-adjustment term. The adjustment...