The Skorokhod reflection of a continuous semimartingale is unfolded, in a
possibly skewed manner, into another continuous semimartingale on an enlarged
probability space according to the excursion-theoretic methodology of Prokaj
(2009). This is done in terms of a skew version of the Tanaka equation, whose
properties are studied in some detail. The result is used to construct a system
of two diffusive particles with rank-based characteristics and skew-elastic
collisions. Unfoldings of conventional reflections are also discussed, as are
examples involving skew Brownian Motions and skew Bessel processes.Comment: 20 pages. typos corrected, added a remark after Proposition 2.3,
simplified the last part of Example 2.
