What Causes Commodity Price Backwardation?
检验了一个关于期货价格反向市场的新解释，该模型认为反向市场源于分析师对空间异质性的测量误差，但美国玉米市场的实证结果不支持这一理论。
Abstract A recently proposed explanation for futures price backwardation is examined. An equilibrium model with spatial heterogeneity leads to the interpretation of backwardations as mismeasurement by the analyst. However, the model predicts that backwardations are more affected by the location of stocks than by their aggregate level. Empirical examination of the United States corn market fails to support this result.