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Ticketing Scalping and the Demand Theory

Introduction

Scalping is the attempt to enjoy the maximum profit and benefits from the scarcity of the item through intentional hoarding. However, the ticket scalping is also termed as the ticket resale. This concept can be understood by the process of buying tickets at lower price and reselling them for the higher prices. The ticket scaling is common for the concerts, entertainment and sports events. Scalpers resell the tickets at extraordinary substantial profits. The ticket scalpers buy a lot of tickets at the face value and then resell it with the higher prices to meet the excess demand. These resellers usually mark up the price from the original price of the ticket and then resell it to make a profit. According to Weber 1999, the ticket for the opening of star wars was resold for the $600 which was substantially above the face value.

Scalpers limit the supply of tickets intentionally in order to create the excess demand and when the demand reaches the top, the ticket scalpers take a benefit of that situation and sell out the tickets at the higher prices.

Discussion

The ticket scalping is the resale of ticket with the considerable markup amount on the face value. These scalpers may sometimes be the licensed brokers or sometimes the individuals who want to fill up their pockets with the extra cash. The ticket scalpers buy tickets from the box office and when all the tickets are finished in the box office then the scalpers resell them at substantially increased prices to the fans who decide to attend the event at the last minutes.

The Ticket Scalping and the Law of Supply and Demand

The ticket scalpers and the fans or the people constitute the market which represents the buyers and the ...