Midnight Oil

Subject: Re:: Not a surprise, but wow . . .
From: mossman@pacbell.net
Date: 26/02/2017, 4:01 am

Great point about the ticket prices, and I think one of the articles posted here made a similar comment.  Here's the interesting thing for me.  In theory, supply and demand should determine ticket prices on the secondary market.  But we know that supply numbers are a bit artificial (although it's unclear to what degree).  The show didn't sell out as much as the stock was gobbled up by the secondary market.  This results in a short-term scarcity that drives these prices up, when in reality, the scarcity is not real.  That implies a fixed market, where supply and demand is not at play as much as it appears.  Of course this will correct itself over time, as the concert approaches and tickets remain on the secondary market, resulting in price drops.  But for folks making purchases on the secondary market in the days shortly after ticket release, there's a good chance they are getting fleeced.

In this case, I don't think that's happening a lot though, because a lot of the prices I saw were higher than face value, but not in an exorbitant way.

In any event, I am just surprised at how crazy this marketplace is.  I had no idea.