His research interests are in the intersection of behavioral finance, decision analysis, and microeconomics, particularly how people and institutions make decisions based on their risk profiles and tolerance and how behavioral data could improve current valuation models.

He has as well other broader interests that could be delimited into capital markets, financial institutions, risk management and analysis, money and banking, and family firms.

Current Work:

• Working on a paper where we aim to mitigate overconfidence transmission in crowdfunding contexts

• Working on a paper about Markowitz’s optimal portfolio theory with utility curves for decision analysis

• Working on a paper where bounded rationality is incorporated to optimize "rational" decisions in mortgage analysis

• Researching how could be incorporated risk tolerance at an institutional level into a decision analysis framework

• Researching how valuation models could be improved, both in terms of accounting for risk in an explicit way, and adjusting the current models into emerging markets for private equity investors.

Published Work:

Case studies:

• Martínez, O., Riofrío, A., & Calderón, S. (2024). Cementos Progreso. In P. Kotler, S. Kibria, & R. Martínez (Eds.), Essentials of Modern Marketing (Central America Edition, pp. 137–139). 

• Rodríguez, A., Riofrío-Lara, A., & Souter, J. (2024). Banco General. In P. Kotler, S. Kibria, & R. Martínez (Eds.), Essentials of Modern Marketing (Central America Edition, pp. 256–259).

• Visentin, G., Ciravegna, L., & Riofrío-Lara, A. (2024). Ocean Reef Islands. In P. Kotler, S. Kibria, & R. Martínez (Eds.), Essentials of Modern Marketing (Central America Edition, pp. 187–195).

• Camacho, A., & Riofrío-Lara, A. (2024). CreDidemo. In P. Kotler, S. Kibria, & R. Martínez (Eds.), Essentials of Modern Marketing (Central America Edition, pp. 279–285).

• Fumagalli, E., Ciravegna, L., & Riofrío-Lara, A. (2024). ADOC. In P. Kotler, S. Kibria, & R. Martínez (Eds.), Essentials of Modern Marketing (Central America Edition, pp. 226–233).

• Fumagalli, E., & Riofrío-Lara, A. (2024). Ron BOTRAN. In P. Kotler, S. Kibria, & R. Martínez (Eds.), Essentials of Modern Marketing (Central America Edition, pp. 99–105).

• Fumagalli, E., & Riofrío-Lara, A. (2024). Quezalteca. In P. Kotler, S. Kibria, & R. Martínez (Eds.), Essentials of Modern Marketing (Central America Edition, pp. 152–156).

• Jenkins, M., & Riofrío-Lara, A. (2024). Essential Costa Rica. In P. Kotler, S. Kibria, & R. Martínez (Eds.), Essentials of Modern Marketing (Central America Edition, pp. 59–65).

• El Dilema de Reinicke Ostria (Caso de Estudio) - Dilemma at Reinicke Ostria (Case Study)