A Model of Spatial Arbitrage with Transport Capacity Constraints and Endogenous Transport Prices
构建了一个高频价格套利模型，考虑存储和贸易，且贸易量受运输能力约束。均衡时运输价格因需求超过能力而波动，导致不同地点价格差异随时间变化，从而解释了运输价格内生变动下的一价定律。
Abstract 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.