This US survey examines (a) The market power of event ticket-selling intermediaries leads to consumers who ultimately attend the events paying substantially more and producers receiving substantially less than they would if the intermediary sector were more competitive; (b) The present system of initial ticket selling and reselling through secondary ticket intermediaries often leads to large transfers between different groups of ticket buyers that could be partially captured by artists through higher initial ticket prices; (c) Artists set prices at less than market-clearing levels in an effort to provide access for fans with modest incomes
Keyword: price gouging
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This week’s IGM Economic Experts Panel statements:
A) Clearing the market for surgical face masks using prices is detrimental to the public good.
B) Laws to prevent high prices for essential goods in short supply in a crisis would raise social welfare.
C) Governments should buy essential medical supplies at what would have been the market price and redistribute according to need rather than ability to pay.
This week’s IGM European Economic Experts Panel statements:
A) Clearing the market for surgical face masks using prices is detrimental to the public good.
B) Laws to prevent high prices for essential goods in short supply in a crisis would raise social welfare.
C) Governments should buy essential medical supplies at what would have been the market price and redistribute according to need rather than ability to pay.
This week’s IGM Economic Experts Panel poll statement:
Connecticut should pass its Senate Bill 60, which states that during a “severe weather event emergency, no person within the chain of distribution of consumer goods and services shall sell or offer to sell consumer goods or services for a price that is unconscionably excessive.”
Compare yourself or your peers to the Clark Center Economics Experts Panel
