Using bid-level data from discriminatory auctions for Mexican government bonds, we demonstrate that asymmetric information about default risk is a key friction in sovereign bond markets. We document large bidders achieve higher bid-acceptance rates than other despite paying no more executed bids. then propose new model of primary markets which investors may differ wealth, aversion, market power...

Evolutionary biologists typically predict future evolutionary responses to natural selection by analysing evolution on an adaptive landscape. Much theory assumes symmetric fitness surfaces even though many stabilizing selection gradients deviate from symmetry. Here we revisit Lande's adaptive landscape and introduce novel analytical theory that includes asymmetric selection. Asymmetric selectio...

Recently, the theory of quantum error control codes has been extended to subsystem codes over symmetric and asymmetric quantum channels – qubit-flip and phase-shift errors may have equal or different probabilities. Previous work in constructing quantum error control codes has focused on code constructions for symmetric quantum channels. In this paper, we develop a theory and establish the conne...

We give various examples of asymmetric orbifold models to possess intertwining currents which convert untwisted string states to twisted ones, and vice versa, and see that such asymmetric orbifold models are severely restricted. The existence of the intertwining currents leads to the enhancement of symmetries in asymmetric orbifold models. ∗ To appear in the proceedings of YITP Workshop on “Rec...

t his paper investigates the gain of bilateral trade between china and u.s. in manufacturing sectors when both countries play a role in asymmetric (biased) growth of  international trade. our model includes a special case of biased growth theory in international trade. we collected labor productivity, export and import data by using classification of manufacturing industries, for u.s. and china...

This paper argues that the [Dat-Acc] and the [Acc-Acc] orders in Korean are the representations of the postpositional dative construction and the double object construction and that their syntactic structures are asymmetric. I apply the same syntactic diagnostics (nominalization and idioms) developed for English by Bruening (2010) to the data in Korean, and discuss in a greater detail that the ...

principal-agent theory, asymmetric information, communication risk, construction projects, project management

A novel semi analytical method is developed for transient analysis of single-lap adhesive joints with laminated composite adherends subjected to dynamical loads. The presented approach has the capability of choosing arbitrary loadings and boundary conditions. In this model, adherends are assumed to be orthotropic plates that pursuant to the classical lamination theory. Stacking sequences can be...

airplane in presence of asymmetric left-wing damaged. ‎Variations of the aerodynamic parameters, mass and ‎moments of inertia, and the center of gravity due to ‎damage are all considered in the nonlinear ‎mathematical modeling. The proposed discrete-time ‎nonlinear MRAC algorithm applies the recursive least ‎square (RLS) algorithm as a parameter estimator as ‎well as the error between the real ...