Optimal Storage and Marketing Over Space and Time
借鉴资源开采理论，研究农产品在产区间的最优储存与营销策略，发现储存时间与市场距离正相关，且市场价格增速低于利率，并用美国玉米带数据验证。
Abstract Borrowing from the theory of optimal resource extraction, we develop the mechanism guiding efficient commodity storage and marketing over producing regions through the crop year. Optimal storage occurs at producing areas, and time in storage varies directly with distance to market. Prices grow with interest rates in locations where storage is efficient but more slowly elsewhere, which explains why market prices (i.e., prices at the market) grow more slowly than interest rates. The model is empirically supported by examining storage in the Corn Belt, rates of price growth at various points, and quarterly grain marketings.