The Times They Are A-Changing: Experimenting with Dynamic Adverse Selection

We examine a common value dynamic matching environment where adverse selection accrues slowly over time. Theoretical best responses are therefore time varying, and the prior experimental literature suggests that sequential environments might lead to greater understanding of adverse selection in this dynamic setting. However, while a sophisticated minority in our experiment do condition on time and are close to a best response, the majority use a stationary response, even after extended experience. In an environment with persistent uncertainty, our results indicate that sequentiality is insufficient for the large majority of participants to recognize the effects of adverse selection. (JEL C78, C92, D82, D91)

Design and Analysis of Thermal Management System of Power Matching Transmission in Energy Machinery

With the technical development of energy conservation and emission reduction technology, the internal structure of engineering machinery has become denser. The rising full-machine heat load that ensues challenges the effect of the cooling system. In the traditional thermal management system for the transmission in energy machinery, the cooling capacity does not fully match the load of each subsystem, and the thermal management components cannot adapt to the dynamic cooling demand of engineering machinery. To solve these problems, this paper designs and analyzes the thermal management system of power matching transmission in energy machinery. Firstly, the energy distribution among different components of engineering machinery, including, hydraulic system, transmission system, and cooling system, was described in each work section, and the dynamic matching method was detailed for hydraulic torque converter. Then, heat source engine, hydraulic torque converter, and hydraulic retarder were selected as the targets of thermal management for the power transmission system of loader. Next, the thermal management cycle was framed as a scheme in which the engine transmission system is independent with the cooling circulation system, and a heat transfer calculation model was constructed for loader transmission system. The proposed model was proved effective through experiments. The research results provide a reference for the thermal management of other subsystems of engineering machinery.