期刊
AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS
卷 91, 期 1, 页码 42-56出版社
WILEY
DOI: 10.1111/j.1467-8276.2008.01183.x
关键词
capacity constraints; commodity prices; spatial arbitrage; transport costs
资金
- European Science Foundation
This article solves a high-frequency model of price arbitrage incorporating storage and trade when the amount of trade is limited by transport capacity constraints. In equilibrium there is considerable variation in transport prices because transport prices rise when the demand to ship goods exceeds the capacity limit. This variation is necessary to attract shipping capacity into the industry. In turn, prices in different locations differ by a time varying amount. Thus while the law of one price holds, it holds because of endogenous variation in transport prices.
作者
我是这篇论文的作者
点击您的名字以认领此论文并将其添加到您的个人资料中。
推荐
暂无数据