The Working Curve and Commodity Storage under Backwardation
重新检验了沃金曲线（商品跨期价差与库存的关系）在逆价差下是否成立，通过分析原始数据和更细化的数据，证实该曲线有效，并指出股东多样性和持有动机差异是主要原因。
Abstract There remains controversy over whether the empirical curve relating intertemporal commodity price spreads and stocks, originally drawn by Holbrook Working in 1933 (i.e., the Working curve), is a valid stylized fact in commodity markets. The core of the controversy is the portion of the curve representing commodity stocks under backwardation. In this article we analyze the original data used by Working, plus more disaggregated numbers. We find that the Working curve is indeed valid. The diversity of stockholders and different stockholding motives most likely explain the empirical Working curve relationship.