econsworkMicrosoft Word - Application 1.docx ECON203 Microeconomic Analysis (Session 2, 2018) ...

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econsworkMicrosoft Word - Application 1.docx ECON203 Microeconomic Analysis (Session 2, 2018)  Application assessment 1 Ticket scalping/re-sale  Something I’m sure we’ve all experienced is the frustration that comes with trying to  purchase tickets online for a big event (concert, sporting fixture etc) only to see all the  available seats sold in a shockingly short time, and before we even get a chance to  purchase any. It doesn’t help those feeling to see tickets that we feel we could have  bought appearing almost instantly on eBay or other re-sale avenues. Consider the following discussions of the topic:  • ‘The economics of ticket scalping’  • ‘The man who broke Ticketmaster’ What are the relevant welfare effects of ticket scalping/re-sale (note that the choice of  descriptor is not neutral)? Who is made better and worse off by the existence of this  activity, and how are the gains and losses distributed?  Thinking back to the discussions around ethics in ECON111, are there fairness  considerations that would justify government action (or costly private action e.g.  purchase requirements that would lock out scalpers) even if ticket re-selling increases  the gains from trade?1  At times, grocery retailers have attempted to restrict bulk-buying of infant formula, as  described in this story:  • ‘Coles moves baby formula behind the counter after china bulk buy’ Are these cases comparable? Why, or why not?  																																																													 1	Not that I’m questioning your memory or anything, but think about the distinction between the  consequentialist and the deontological approaches to evaluating moral outcomes J  https://theconversation.com/the-economics-of-ticket-scalping-83434 http:// http:// http:// https://motherboard.vice.com/en_us/article/mgxqb8/the-man-who-broke-ticketmaster http://www.abc.net.au/news/2018-05-15/coles-moves-baby-formula-behind-the-counter-after-china-bulk-buy/9763502

Monika · Accepted Answer

ECON203
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ECON203
Application assessment 1
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Table of contents
1)  The economics of Ticket Sampling
2)  The man who broke Ticket Master
3) Coles moves baby formula
4) Comparison
5) References
6) 
The Economics of Ticket scalping
In secondary market, resale of tickets is defined as ticket scalping. Ticket scalping happened in many entertainment and sports events due to the excess demand at very low price. It is not allowed to clear ticket in market. To clear the market of tickets, box office set the price of tickets is very low with secondary seller’s unlicensed street scalpers and licensed ticket brokers. This reseller of tickets purchase ticket at very low price and resell at higher price that is willing to purchase to meet the demand of market.
Recently we see the case of the tickets of NRL and AFL matches resold in market at price up to three times of its initial price. So main question is why ticket scalping is happened?
As an economist, the market where tickets are sold, there is an existence of secondary market. It is sign of sign of underpriced and undersupplied tickets market or combination of both. The other platform I for make tickets easier to resell is online reselling platform. In this case,

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Microsoft Word - Application 1.docx ECON203 Microeconomic Analysis (Session 2, 2018) Application assessment 1 Ticket scalping/re-sale Something I’m sure we’ve all experienced is the frustration that...

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