Benjamin Eden - Academia.edu (original) (raw)
Papers by Benjamin Eden
Social Science Research Network, 2010
ABSTRACT We assess the ability of the cross sectional price distribution to react to shocks from ... more ABSTRACT We assess the ability of the cross sectional price distribution to react to shocks from the point of view of a Prescott “hotels” type model, using a sample of 435 products in 75 stores over 121 weeks. We argue that the cross sectional distribution is flexible in spite of the price repetition observed in the data. From the point of view of our model the question is why prices move so much. We outline the possibility that prices are used to manage inventories.
International Economic Review, Apr 22, 2014
RePEc: Research Papers in Economics, 2019
RePEc: Research Papers in Economics, 2007
RePEc: Research Papers in Economics, Mar 1, 2009
* Introduction * Money in the Utility Function * More Explicit Models of Money * Monetary Economi... more * Introduction * Money in the Utility Function * More Explicit Models of Money * Monetary Economics and Public Finance * The Regulation of Banks and Near Moneys * Money and the Business Cycle: Does Money Matter? * Sticky Prices in a Cash-in-Advance Model * Flexible Prices * Uncertain and Sequential Trade (UST) Models * A Monetary UST Model * Limited Participation, Sticky Prices and UST: a Comparison * A UST Cash-in-Advance Model with Storage * Inventories and the Business Cycle * Money and Credit in the Business Cycle * Sticky Prices and UST: Evidence from Micro Data * The Friedman Rule in a UST Model * Reserve Requirements in a UST Model * Sequential International Trade * Endogenous Information and Informational Externalities * UST with Random Utility Maximization * Seemingly Rigid Prices .Index
The Review of Economic Studies, Oct 1, 1979
Blackwell Publishing Ltd eBooks, Dec 13, 2007
Blackwell Publishing Ltd eBooks, Dec 13, 2007
Blackwell Publishing Ltd eBooks, Dec 13, 2007
Social Science Research Network, 2014
I use a flexible price version of the Prescott (1975) “hotels” model to study a dynamic model tha... more I use a flexible price version of the Prescott (1975) “hotels” model to study a dynamic model that allows for storage. The formulation follows the standard competitive analysis tradition with a non-standard definition of markets: The set of markets that open depends on the state of demand. I use three planner's problems to characterize various efficiency concepts that are used in the literature, but focus on the problem of a “weak” planner that faces the same constraints as the sellers in the model. From the point of view of the “weak” planner, the equilibrium outcome is efficient if the probability of becoming active is the same for all buyers. In general, the equilibrium outcome is not efficient from the point of view of a planner that has more information than the sellers in the model except for the case in which the costs of delaying trade are not important. The cost of delay is also relevant for price dispersion: Lower cost of delays may lead to lower price dispersion.
Social Science Research Network, 2010
Economic Inquiry, Jul 1, 1983
Review of Economic Dynamics, Jul 1, 2001
ABSTRACT The uncertain and sequential trading (UST) model of inventories behavior with iid shocks... more ABSTRACT The uncertain and sequential trading (UST) model of inventories behavior with iid shocks predicts that (a) the beginning of period inventories is a sufficient statistic for past variables and (b) an increase in the beginning of period inventories reduces output, employment, hours per employee, and effort. I find empirical support for the second hypothesis but not for the first. The rejection of the first hypothesis is rather informative and points in the direction of adjustment costs and/or serially correlated shocks. (Copyright: Elsevier)
Journal of Political Economy, Dec 1, 1983
The public good aspect of information is used to account for periods in which the aggregate level... more The public good aspect of information is used to account for periods in which the aggregate level of trade is low. It is shown that abstention from trade may occur when the uncertainty with respect to the market-clearing price (there is no auctioneer) gets large relative to the cost of getting information about it and relative to the cost of postponing transactions. In this case, all agents are aware of bilateral Pareto-improving trading opportunities, but these opportunities are not exploited.
Quarterly Journal of Economics, Aug 1, 1982
Journal of Political Economy, Feb 1, 1980
... Jerusalem, 1977. (b) . "Stochastic Dominance without Risk Aversion." Econ. Letters ... more ... Jerusalem, 1977. (b) . "Stochastic Dominance without Risk Aversion." Econ. Letters (in press).Eden, Benjamin, and Pakes, Ariel. "Using Consumption Data for Measuring the Time Resolution of Uncertainty." Discussion Paper no. 792. Falk Insti-tute, Jerusalem, 1979. ...
Review of Economic Dynamics, Jul 1, 2001
... Journal of Political Economy 102 (1994a), pp. 493509. Full Text via CrossRef | View Record i... more ... Journal of Political Economy 102 (1994a), pp. 493509. Full Text via CrossRef | View Record in Scopus | Cited By in Scopus (17). 12. Eden, B. 1994b, Inflation and Price Dispersion: An Analysis of Micro Data, Discussion Paper ≠ 94.13, Bank of Israel Research Department. 13. ...
RePEc: Research Papers in Economics, May 1, 1991
Social Science Research Network, 2010
ABSTRACT We assess the ability of the cross sectional price distribution to react to shocks from ... more ABSTRACT We assess the ability of the cross sectional price distribution to react to shocks from the point of view of a Prescott “hotels” type model, using a sample of 435 products in 75 stores over 121 weeks. We argue that the cross sectional distribution is flexible in spite of the price repetition observed in the data. From the point of view of our model the question is why prices move so much. We outline the possibility that prices are used to manage inventories.
International Economic Review, Apr 22, 2014
RePEc: Research Papers in Economics, 2019
RePEc: Research Papers in Economics, 2007
RePEc: Research Papers in Economics, Mar 1, 2009
* Introduction * Money in the Utility Function * More Explicit Models of Money * Monetary Economi... more * Introduction * Money in the Utility Function * More Explicit Models of Money * Monetary Economics and Public Finance * The Regulation of Banks and Near Moneys * Money and the Business Cycle: Does Money Matter? * Sticky Prices in a Cash-in-Advance Model * Flexible Prices * Uncertain and Sequential Trade (UST) Models * A Monetary UST Model * Limited Participation, Sticky Prices and UST: a Comparison * A UST Cash-in-Advance Model with Storage * Inventories and the Business Cycle * Money and Credit in the Business Cycle * Sticky Prices and UST: Evidence from Micro Data * The Friedman Rule in a UST Model * Reserve Requirements in a UST Model * Sequential International Trade * Endogenous Information and Informational Externalities * UST with Random Utility Maximization * Seemingly Rigid Prices .Index
The Review of Economic Studies, Oct 1, 1979
Blackwell Publishing Ltd eBooks, Dec 13, 2007
Blackwell Publishing Ltd eBooks, Dec 13, 2007
Blackwell Publishing Ltd eBooks, Dec 13, 2007
Social Science Research Network, 2014
I use a flexible price version of the Prescott (1975) “hotels” model to study a dynamic model tha... more I use a flexible price version of the Prescott (1975) “hotels” model to study a dynamic model that allows for storage. The formulation follows the standard competitive analysis tradition with a non-standard definition of markets: The set of markets that open depends on the state of demand. I use three planner's problems to characterize various efficiency concepts that are used in the literature, but focus on the problem of a “weak” planner that faces the same constraints as the sellers in the model. From the point of view of the “weak” planner, the equilibrium outcome is efficient if the probability of becoming active is the same for all buyers. In general, the equilibrium outcome is not efficient from the point of view of a planner that has more information than the sellers in the model except for the case in which the costs of delaying trade are not important. The cost of delay is also relevant for price dispersion: Lower cost of delays may lead to lower price dispersion.
Social Science Research Network, 2010
Economic Inquiry, Jul 1, 1983
Review of Economic Dynamics, Jul 1, 2001
ABSTRACT The uncertain and sequential trading (UST) model of inventories behavior with iid shocks... more ABSTRACT The uncertain and sequential trading (UST) model of inventories behavior with iid shocks predicts that (a) the beginning of period inventories is a sufficient statistic for past variables and (b) an increase in the beginning of period inventories reduces output, employment, hours per employee, and effort. I find empirical support for the second hypothesis but not for the first. The rejection of the first hypothesis is rather informative and points in the direction of adjustment costs and/or serially correlated shocks. (Copyright: Elsevier)
Journal of Political Economy, Dec 1, 1983
The public good aspect of information is used to account for periods in which the aggregate level... more The public good aspect of information is used to account for periods in which the aggregate level of trade is low. It is shown that abstention from trade may occur when the uncertainty with respect to the market-clearing price (there is no auctioneer) gets large relative to the cost of getting information about it and relative to the cost of postponing transactions. In this case, all agents are aware of bilateral Pareto-improving trading opportunities, but these opportunities are not exploited.
Quarterly Journal of Economics, Aug 1, 1982
Journal of Political Economy, Feb 1, 1980
... Jerusalem, 1977. (b) . "Stochastic Dominance without Risk Aversion." Econ. Letters ... more ... Jerusalem, 1977. (b) . "Stochastic Dominance without Risk Aversion." Econ. Letters (in press).Eden, Benjamin, and Pakes, Ariel. "Using Consumption Data for Measuring the Time Resolution of Uncertainty." Discussion Paper no. 792. Falk Insti-tute, Jerusalem, 1979. ...
Review of Economic Dynamics, Jul 1, 2001
... Journal of Political Economy 102 (1994a), pp. 493509. Full Text via CrossRef | View Record i... more ... Journal of Political Economy 102 (1994a), pp. 493509. Full Text via CrossRef | View Record in Scopus | Cited By in Scopus (17). 12. Eden, B. 1994b, Inflation and Price Dispersion: An Analysis of Micro Data, Discussion Paper ≠ 94.13, Bank of Israel Research Department. 13. ...
RePEc: Research Papers in Economics, May 1, 1991