We present a Reinforcement Learning (RL)-based model of serotonin which tries to reconcile some of the diverse roles of the neuromodulator. The proposed model uses a novel formulation of utility function, which is a weighted sum of the traditional value function and the risk function. Serotonin is represented by the weightage, α, used in this combination. The model is applied to three different experimental paradigms: 1) bee foraging behavior, which involves decision making based on risk, 2) temporal reward prediction task, in which serotonin (α) controls the time-scale of reward prediction, and 3) reward/punishment prediction task, in which punishment prediction error depends on serotonin levels. The three diverse roles of serotonin - in time-scale of reward prediction, risk modeling, and punishment prediction - is explained within a single framework by the model. © 2012 Springer-Verlag.