AUTHOR=Adamo Mattia , Malizia Andrea P. TITLE=Uncertainty and Demand for Insurance: A Theoretical Model of How Self-Control Manages the Optimal Decision-Making JOURNAL=Frontiers in Psychology VOLUME=Volume 12 - 2021 YEAR=2021 URL=https://www.frontiersin.org/journals/psychology/articles/10.3389/fpsyg.2021.700289 DOI=10.3389/fpsyg.2021.700289 ISSN=1664-1078 ABSTRACT=With the present work, we aim to mark a beginning line on the study of potential consumers' decision-making in the insurance sector, with the long-term purpose of defining the optimal cognitive processes to be undertaken when deciding whether to purchase insurance or not. Decision-making in conditions of uncertainty is influenced by the dual-self model doers/planner integrated with the hot-cold states and prospect utility function. Thus, we present a theoretical model of choice-making to evaluate the level of optimal self-control necessary to be exerted if the individual is either in the hot or cold state depending on the arousal. This theoretical choice-making model lays the ground for the decision journey by following the long-term utility and avoiding gross mistakes that could lead the consumer not to insure, when the odds suggest doing it, or vice-versa, in situations when it would not be necessary.