When supply and demand determine the price of a concert ticket, everybody goes home happy
By Matthew Hennessey of The WSJ. Excerpts:
"Oasis reunion tickets were initially priced at £150, or about $200. This proved far too low. When the online sale went live, Ticketmaster’s “dynamic pricing” system instantly adjusted prices upward. Some ticket buyers reported paying more than £400."
"In economic terms, a concert ticket is no different from a book, a bottle of wine or a house. It has no inherent value, only the price a buyer is willing to pay and a seller is willing to accept. The market-clearing price of anything is where demand meets supply. The correct and fair price is whatever the market will bear. No buyer has a right to a low price, just as no seller has a right to a high price."
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.