Responding to an international trend that regards the state as an oversized, unsustainable and uneven jurisdiction that cannot effectively intervene in the economy to promote development objectives, nor impose a proper presence over its territory and population, the reform of the Colombian...

This paper empirically examines the behavioral precautionary saving hypothesis by Koszegi and Rabin (2009) stating that uncertainty about future income triggers saving because of loss aversion. We extend their theoretical analysis to also consider the internal margin, i.e., the strength, of loss...

This paper empirically examines the behavioral precautionary saving hypothesis that uncertainty about future income triggers an increase in saving because of loss aversion. Guided by the theoretical model of Koszegi and Rabin (2009), we first extend their theoretical analysis to also consider...