On the Internal Contradictions of the Law of One Price
指出，一价定律最初描述完全竞争市场的长期均衡，但后来加入运输成本修正后，产生了两种解释，每种都导致该定律要么无用要么错误。
As stated originally, the venerable law of one price succinctly describes long‐run equilibrium in a perfectly competitive market. The law was later amended, defining a market as the geographic area within which the same thing sells for the same price at the same time, allowance being made for transportation costs. Modified in that way, the law has two plausible interpretations. By one interpretation, every production site is a market. By the other, prices in fact do not differ by transportation costs. The transportation‐cost amendment thus introduces internal contradictions that render the revised law of one price either useless or wrong.