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Ticket Pricing under Demand Uncertainty

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Author Info

  • Courty, Pascal

Abstract

This paper studies the case of a monopolist who sells tickets to consumers who learn new information about their demands over time. The monopolist can sell early to uninformed consumers and/or close to the event date to informed ones, or it can ration tickets and allow ticket holders to resell. I show that rationing and intertemporal sales are never optimal. More surprising, the monopolist cannot do strictly better by allowing resale. I discuss the implications of the model for the pricing practices observed in ticket markets.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Law and Economics.

Volume (Year): 46 (2003)
Issue (Month): 2 (October)
Pages: 627-52

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Handle: RePEc:ucp:jlawec:y:2003:v:46:i:2:p:627-52

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Web page: http://www.journals.uchicago.edu/JLE/

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Cited by:
  1. Daniel, Rascher & Andrew, Schwarz, 2010. "Illustrations of Price Discrimination in Baseball," MPRA Paper 25807, University Library of Munich, Germany.
  2. Mak, Vincent & Rapoport, Amnon & Gisches, Eyran J., 2012. "Competitive dynamic pricing with alternating offers: Theory and experiment," Games and Economic Behavior, Elsevier, vol. 75(1), pages 250-264.
  3. Seongman Moon & Makoto Watanabe, 2011. "Refundability and Price: Empirical Analysis on the Airline Industry," Working Papers 1107, Research Institute for Market Economy, Sogang University.
  4. Oksana Loginova & X. Hnery Wang & Chenhang Zeng, 2014. "Learning in Advance Selling with Heterogeneous Consumers," Working Papers 1408, Department of Economics, University of Missouri.
  5. Drayer, Joris & Rascher, Daniel A. & McEvoy, Chad D., 2012. "An examination of underlying consumer demand and sport pricing using secondary market data," Sport Management Review, Elsevier, vol. 15(4), pages 448-460.
  6. Nocke, Volker & Peitz, Martin, 2008. "Advance-Purchase Discounts as a Price Discrimination Device," CEPR Discussion Papers 6664, C.E.P.R. Discussion Papers.
  7. Ting Liu & Pasquale Schiraldi, 2012. "Buying frenzies in durable-goods markets," Department of Economics Working Papers 12-07, Stony Brook University, Department of Economics.
  8. Oz Shy & Staffan Ringbom, 2005. "Refunds and Collusion," "Marco Fanno" Working Papers 0001, Dipartimento di Scienze Economiche "Marco Fanno".
  9. Craig Depken, 2007. "Another look at anti-scalping laws: Theory and evidence," Public Choice, Springer, vol. 130(1), pages 55-77, January.
  10. Phillip Leslie & Alan Sorensen, 2009. "The Welfare Effects of Ticket Resale," NBER Working Papers 15476, National Bureau of Economic Research, Inc.
  11. Justin P. Johnson & David P. Myatt, 2006. "On the Simple Economics of Advertising, Marketing, and Product Design," American Economic Review, American Economic Association, vol. 96(3), pages 756-784, June.
  12. Andrew Sweeting, 2008. "Equilibrium Price Dynamics in Perishable Goods Markets: The Case of Secondary Markets for Major League Baseball Tickets," NBER Working Papers 14505, National Bureau of Economic Research, Inc.
  13. Michael Kremer & Christopher M. Snyder, 2013. "When Is Prevention More Profitable than Cure? The Impact of Time-Varying Consumer Heterogeneity," NBER Working Papers 18862, National Bureau of Economic Research, Inc.
  14. Michael Kremer, Christopher M. Snyder, 2013. "When Is Prevention More Profitable than Cure? The Impact of Time-Varying Consumer Heterogeneity-Working Paper 334," Working Papers 334, Center for Global Development.
  15. Marc Möller & Makoto Watanabe, 2013. "Competition in the Presence of Individual Demand Uncertainty," CESifo Working Paper Series 4490, CESifo Group Munich.
  16. Marc M�ller & Makoto Watanabe, 2013. "Competition in the Presence of Individual Demand Uncertainty," Tinbergen Institute Discussion Papers 13-185/V, Tinbergen Institute.
  17. Li, Yongjian & Xu, Lei & Li, Dahui, 2013. "Examining relationships between the return policy, product quality, and pricing strategy in online direct selling," International Journal of Production Economics, Elsevier, vol. 144(2), pages 451-460.
  18. Xinyu Hua, 2004. "Strategic Ex-ante Contracts: Rent-Extraction and Opportunity Costs," Econometric Society 2004 North American Summer Meetings 564, Econometric Society.

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