Surprise occurs because of differences between a decision outcome and its predicted outcome (prediction error), regardless of whether the error is positive or negative. It has recently been postulated that surprise affects the reward value of the action outcome itself; studies have indicated that increasing surprise, as absolute value of prediction error, decreases the value of the outcome. However, how surprise affects the value of the outcome and subsequent decision making is unclear. We suggested that, on the assumption that surprise decreases the outcome value, agents will increase their risk averse choices when an outcome is often surprisal. Here, we propose the surprise-sensitive utility model, a reinforcement learning model that states that surprise decreases the outcome value, to explain how surprise affects subsequent decision-making. To investigate the assumption, we compared this model with previous reinforcement learning models on a risky probabilistic learning task with simulation analysis, and model selection with two experimental datasets with different tasks and population. We further simulated a simple decision-making task to investigate how parameters within the proposed model modulate the choice preference. As a result, we found the proposed model explains the risk averse choices in a manner similar to the previous models, and risk averse choices increased as the surprise-based modulation parameter of outcome value increased. The model fits these datasets better than the other models, with same free parameters, thus providing a more parsimonious and robust account for risk averse choices. These findings indicate that surprise acts as a reducer of outcome value and decreases the action value for risky choices in which prediction error often occurs.