A simple currency valuation model is given. The model is based on the Penn effect but reduces the uncertainty of the econometric specification that the Penn effect and many other models have. We use the model to valuate eleven main currencies’ bilateral real exchange rate against the US dollar...

In this paper, the behavioral equilibrium exchange rate (BEER) model used in a time-series setting is investigated, via its application to the valuation of Chinese renminbi. A classical definition with its generalization is given. The different misalignment results derived from the BEER models...

The behavioral equilibrium exchange rate (BEER) and the Penn effect models are compared via their applications on the valuation of the Renminbi (RMB). The definition for the Penn effect model is provided. The differences and relations between the two models in various econometric method settings...

A regular phenomenon of the behavioral equilibrium exchange rate (BEER) model is analyzed. The result derived by the model is proved to contradict the economic fact and that by the Balassa-Samuelson model. The BEER model cannot be used, therefore, to calculate equilibrium exchange rate.

The ratio, Penn effect and behavioral equilibrium exchange rate (BEER) are used to assess the level of the bilateral real exchange rate (RER) of the Chinese RMB against the US dollar in 1980–2012. The statistical indexes and economic meaning indicate that the findings from the BEER and ratio...

A regular phenomenon of the behavioral equilibrium exchange rate (BEER) model is analyzed. The result derived by the model is proved to contradict the economic fact and that by the Balassa-Samuelson model. The BEER model cannot be used, therefore, to calculate equilibrium exchange rate.

By drawing on neurological and psychological theories of learning, our study introduces a new conceptual framework to analyse the role learning plays in knowledge and skill acquisition. Learning is modelled through four mechanisms defined as individuals' participation in formal, non-formal, and...

Assume that two players have strict rankings over an even number of indivisible items. We propose algorithms to find allocations of these items that are maximin—maximize the minimum rank of the items that the players receive—and are envy-free and Pareto-optimal if such allocations exist. We...

In January 1999, Hugo Chavez was sworn like the president of the Republic of Venezuela. In the late 1999 was approved the Bolivarian Constitution and was the beginning of the V Republic. Currently, after 14 years, Venezuela is governed by his politic party. This article starts a research work to...

This paper intends to explore the utilization of entropy through football, generalizing the interpretation of entropy. We consider it as a measure of competitiveness of football leagues and relate it to the UEFA ranking, which ranks yearly the performance of countries in European Cups. We expect...