Thursday, June 10, 2004

Grim Threeper

Have you heard the old adage that death comes in 3's? Sure you have. Have you heard the saying "Deaf, dumb, and blind?" Of course. Well if you merge the two together, I think it makes for some pretty interesting stuff. You see, Ray Charles died today. He was blind. Ronald Reagan died a few days ago. Sorry to say, but by the end there, he was super medically dumb. Now, who's next? I'm looking at you Marlee Matlin. I'd stay inside and take my vitamins and fake listening to music for a couple days if I were you. You could say you heard it here first but we'd all know you were lying.


At 7:22 PM, Blogger Army Archerd said...

Helen Keller would be royally fucked if she were still alive...come to think of it, death was probably the best thing to happen to her. Um, Hell, yes, table for 1 please.

At 8:51 AM, Anonymous Anonymous said...

Fiedler, you're a heartless bastard. But that's why we love you. - TJ in the 'Nati

At 2:04 PM, Blogger Ed said...

My balls can't hear! Crap!!

At 2:11 PM, Anonymous Anonymous said...

Should scalping tickets be illegal?

Say you have a ticket seller who is interested in making money. They can maximize their ticket selling revenues by auctioning off the tickets. But an auction might be difficult/costly to administer, so they set the price which they think is the highest market clearing price, and sell the entire lot at a single price. However, since some people are clearly willing to pay more for some tickets than others, and the ticket seller declined the option to take the effort to make more money off of those willing to pay higher prices, I see no reason why speculators can't take the trouble to seek out those willing to pay a higher price and make money off of the tickets in the secondary market. They are doing the initial ticket seller a service by making sure that all of the tickets are sold, they are taking a risk for holding tickets which would have no value to them if not bought, and they should have the ability to be rewarded for this service/risk. In this case, I see no problem with scalping.

Then suppose you have a ticket seller whose primary goal is to let people go to the event at a reasonable cost. They set the price of the tickets below the market clearing price because they want to make the event affordable, basically as an act of charity (they are foregoing higher revenues to make the event more accessible). In this scenario, however, you are guaranteed to have a surplus of demand (since the price is less than market clearing). People who were not lucky enough to buy tickets in the initial allocation will be willing to pay more to get a ticket. Given that this is guaranteed to happen, speculators have an incentive to buy the tickets solely as an investment opportunity, and profit off of the ticket seller's "charity." In this case scalping is bad, yet unavoidable. However, enforcing scalping laws seems to be difficult/costly. Other measures, such as the buyer of the ticket needs to show their ID to get into the event would also make the cost of entrance into the event increase for the venue and would be a logistical nightmare in large events.

Conclusion: free market forces are too strong to be ignored here, so when you can't beat 'em, join 'em. While the ticket seller's charity is a nice idea, in reality it just turns into profit for speculators at the ticket seller's expense. Ticket's aught to be auctioned off whenever possible (shouldn't be too costly/difficult with on-line auctions, start the price rediculously high and drop it each day until all tickets are sold), and secondary ticket markets/scalping should be legal.

At 2:50 PM, Blogger Don Fiedler said...

Wow, I had no idea that Milton Friedman read our blog. Way to go, Ace!


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