Convenience Yield without the Convenience: A Spatial–Temporal Interpretation of Storage under Backwardation
通过西澳大利亚小麦营销系统的数学模型，揭示了在港口负价差下区域库存持有的典型模式，指出库存的空间聚集和激励归属错觉是造成表面亏损的原因，并分析了港口即期溢价如何影响不同便利性地点库存的分布。
A mathematical programming model of the wheat marketing system of Western Australia manifests a typical pattern of regionwide stocks held at a negative intertemporal spread measured at the port. No stocks are held at a monetary loss in terms of local prices. Any apparent loss is an illusion from spatial aggregation of stocks and attribution of incentives at one locality to storers at all locations. Moreover, as the premium for immediate delivery at the port rises, stocks increase at relatively inaccessible, inconvenient locations where prices are low, allowing more to be shipped from locations more convenient to the port.