Polysemy has attracted much interdisciplinary interest in recent times. Recent discussions in psycholinguistics
focus on the different processing profiles of polysemous and homonymous words, and on how to explain such different profiles. Much
current research assumes that while homonymous meanings are stored in different lexical entries in the mental lexicon, polysemous
senses relate to just one lexical representation, be this a list of senses or a core meaning formed by features common to all the
different senses. However, there is growing skepticism towards such a one-representation hypothesis. After differentiating regular
and irregular polysemies along several dimensions (not only in terms of sense representation, but also in terms of sources,
acquisition and word class distribution), this paper argues that the variants of the one representation model can meet some of the
challenges that have been raised. However, there are further challenges that have not yet been considered. On the one hand, nested
polysemies (senses generated on the basis of iterations of metonymies or metaphors) put some pressure on the idea that senses of
irregular polysemies share some set of features. On the other hand, sharing some features that could constitute a core meaning may
not be sufficient for entering in co-activation patterns. In sum, while the paper defends the one-representation hypothesis in the
light of recent skepticism, it also calls for further research and an eventual reformulation of the hypothesis.