Some Further Evidence on the Law of One Price: The Law of One Price Still Holds
通过考虑交易成本，检验了四个国家七种商品的一价定律，发现多数情况下该定律成立，少数失败由交易成本导致。
Abstract International trade models often postulate the existence of a representative price, i.e., the price which prevails at all markets. This is known as the “Law of One Price.” In this paper, the law of one price is tested for seven commodities among four countries by explicitly considering transaction costs. The empirical evidence suggests that, in most cases, the law of one price cannot be rejected asa maintained hypothesis. Furthermore, for the remaining cases transaction costs seem to cause the failure.