Working在1949提出了仓储理论，并从持有成本的角度分析了期货价

Working proposed the warehousing theory in 1949 and analyzed futures prices from the perspective of holding costs. The theory analyzes that for futures commodities that can be stored, there is an inherent linkage between the prices of futures commodities on different dates. From the perspective of time dynamics, we further analyze how the basis changes with time. Warehousing cost is an important component of spot holding cost. The theory points out that there is a constraint and synergy between the spot market price and the futures market price. In this paper, the concept of marginal cost is proposed, and it is considered that marginal cost is the main reason for the change of basis. As the futures delivery date approaches, the marginal cost between spot and futures will continue to zero, and finally on the delivery day, the futures price equals the spot price. If the basis does not conform to the law of diminishing marginal costs, there will be arbitrage opportunities, so warehousing theory provides the most intuitive theoretical support for intertemporal arbitrage.

In 1949, Working proposed the theory of warehousing and analyzed the futures price from the point of view of the cost of holding. This theory analyzes the intrinsic linkage between the futures commodities and futures commodity prices of different dates. It is also based on the dynamic angle of time to further analyze how the base difference is changed by the passage of time. Storage costs are an important part of the on-the-shelf holding cost. The theory points out that there is a constraint and synergy between the spot market price and the futures market price. The concept of marginal cost is put forward, and the marginal cost is the main reason for the change of base difference. With the futures delivery date approaching, the marginal cost between spot and futures will continue to tend to zero, and finally on the delivery date, the futures price is equal to the spot price. If the base difference does not conform to the decreasing law of marginal cost, there will be arbitrage opportunities, so the warehouse theory provides the most intuitive theoretical support for the cross-period arbitrage.

Working put forward the warehousing theory in 1949, and analyzed the futures price from the perspective of holding cost. This theory analyzes the internal linkage between the prices of futures commodities of different dates for the storable futures commodities. Based on the time dynamic angle, it further analyzes how the basis changes with the passage of time. Storage cost is an important part of spot holding cost. The theory points out that there are constraints and synergies between spot market prices and futures market prices. In this paper, the concept of marginal cost is put forward, and it is considered that marginal cost is the main reason for the change of basis. With the approaching of futures delivery date, the marginal cost between spot and futures will continue to zero. Finally, on the delivery date, the futures price is equal to the spot price. If the basis does not conform to the law of diminishing marginal cost, there will be arbitrage opportunities, so the warehousing theory provides the most intuitive theoretical support for cross period arbitrage.<br>