Risk, ambiguity, and diversification

Attitudes toward risk influence the decision to diversify among uncertain options. Yet, because in most situations the options are ambiguous, attitudes toward ambiguity may also play an important role. I conduct a laboratory experiment to investigate the effect of ambiguity on the decision to diversify. I find that diversification is more prevalent and more persistent under ambiguity than under risk. Moreover, excess diversification under ambiguity is driven by participants who stick with a status quo gamble when diversification among gambles is not feasible. This behavioral pattern cannot be accommodated by major theories of choice under ambiguity.

Contribution from neuropsychology to the study of semantic memory

Semantic memory has been studied from various fields. The first models emerged from cognitive psychology from the hand of the division proposed by Tulving between semantic and episodic memory. Over the past thirty years there have been parallel developments in the fields of psycholinguistics, cognitive psychology and cognitive neuropsychology. The present work is to review the contributions that have emerged within the neuropsychology to the study of semantic memory and to present an updated overview of the points of consensus. First, it is defined the term "semantics" conceptually within the field of neuropsychology. Then, there is a dichotomy that passes through both psychological and neuropsychological models on semantic memory: the existence of modals versus amodal representations. Third, there are  developed the main theoretical models in neuropsychology that emerged in an attempt to explain categoryspecific semantic deficits. Finally, more robust contributions and points that still generate some discussion are reviewed.

Parametric pension reform and the intensive margin of labor supply, evidence from Colombia

We analyze the effect of a parametric reform of the fully-funded pension regime in Colombia on the intensive margin of the labor supply. We take advantage of a threshold defined by law in order to identify the causal effect using a regression discontinuity design. We find that a pension system that increases retirement age and the minimum weeks during which workers must contribute to claim pension benefits causes an increase of around 2 hours on the number of weekly worked hours; this corresponds to 4% of the average number of weekly worked hours or around 14% of a standard deviation of weekly worked hours. The effect is robust to different specifications, polynomial orders and sample sizes.