Ticket scalping was one of the first issues this blog tackled when we started in 2007. This story in today’s St. Louis Post-Dispatch gives an update on how the situation has unfolded in St. Louis for the 2011 World Series baseball playoffs. Just as predicted, using basic economics, legalization of ticket scalping has resulted in lower prices and greater consumer choice (StubHub!, etc.). One scalper doesn’t bother with political spin:
“You made more money when it was illegal — it wasn’t even remotely close,” said Tony Green, a ticket broker for 20 years. “We knew all the cops, so they wouldn’t bust us.”
So, how did my 2007 prediction on ticket scalping work out? There may be no way of knowing if more people are paying above face value for their tickets to these playoffs, but I still think that is a reasonable belief. However, my predicted overall price decrease for major sporting events was apparently dead on (not that it was a difficult prediction).
In case you have not watched it yet, please enjoy this video of the Show-Me Institute turning all of our interns loose in a ticket-scalping competition last summer.
