@article{Coleman:292804,
      recid = {292804},
      author = {Coleman, Andrew},
      title = {Storage Under Backwardation: A Direct Test of the  Wright-Williams Conjecture },
      address = {2008-10},
      number = {1124-2019-3257},
      series = {Motu Working Paper 08-13 },
      pages = {34},
      year = {2008},
      abstract = {Commodities are often stored when the spot price exceeds  the future price in a central market. Wright and Williams  conjectured that inventories are held in locations far from  the central market on these occasions. In these locations  the spot price is lower than the price for forward delivery  because transport costs are temporarily high. This  hypothesis has not been directly tested, because prices for  forward delivery are not normally available at non-central  locations. This paper uses an example where these prices  exist to test the hypothesis. The evidence, from the late  nineteenth century corn markets in Chicago and New York,  strongly supports the conjecture. },
      url = {http://ageconsearch.umn.edu/record/292804},
      doi = {https://doi.org/10.22004/ag.econ.292804},
}