Government Rail Car Regulation and the Price of Canola
分析加拿大政府对铁路运输的监管如何影响油菜籽的现货和期货价格，发现温哥华期货价格因监管特性而高于现货，且1989年铁路政策变化可能提高了运输效率并推高了现货价格。
Abstract In this paper I analyze Canadian government regulation of rail transportation as it affects the domestic price of canola in both the street and futures market. The regulation gives rise to an idiosyncrasy: Vancouver canola futures and Vancouver spot prices do not converge, with futures trading at a significant premium to spot prices during the delivery month. As a result, Vancouver futures prices do not reflect international market conditions. I offer an explanation of the futures premium. In addition, I find that there is evidence to support a contention that a change in rail car policy in 1989 improved canola throughput efficiency in Vancouver and may have led to higher street prices.