The theoretical models developed under assumption of purchasing pover parity fail to explain large fluctuations that appear in the currency time series since the beginning of the 1980s. The object of the present paper is to demonstrate, that unrestricted Engle-Granger cointegration model with...

This paper presents the results of an empirical study of the effects of coefficient correlation structure and constraint slackness settings on the performance of solution procedures on synthetic two-dimensional knapsack problems (2KP). The population correlation structure among 2KP coefficients,...

In this paper we present a new method for estimating genetic parameters of an F2- generation model. Using an iterative algorithm we derive explicit expressions for the Maximum Likelihood estimates of the additive and dominance effects. Finally we calculate the variance covariance matrix of our...

Institutions, the way they are related to the behaviour of the agents and to the aggregated performance of socio-economic systems, are the topic addressed by this essay. The research is based on a particular concept of a bounded rational agent living in society and by a population based...