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| That Futures Market Thing Is Here In the Secondary Ticket Market |
By:
Stephen K. Happel and Marianne M. Jennings |
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Since 1989, we've been on a quest to address and overcome the legal, economic and ethical concerns of those who find something unseemly about secondary ticket markets, aka ticket scalping. Slowly but surely, legislators and regulators saw the benefits and beauty of a free market for tickets, and once-banished ticket resales came out into the light, emerging from their homes in raincoats, backrooms, and trunks. Enter the Internet, a medium perfectly suited for the creation of a national ticket market. Also enter, at the same time of the dot-com explosion, great personal wealth. Ease of trading and cash brought new dimensions and volume to the ticket market.
By 2002, we were suggesting that the ticket market had progressed to a point that hedging, a futures market for tickets, was the way to go. Oddly, however, there is still resistance, from major league sports teams, some states, and even monopolists who still want to control those secondary ticket sales. The free market has done us proud in its ability to make tickets available at lower prices. Emotional voices still rise up with cries of
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About the Author:
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Professor Stephen K. Happel is a Professor of Economics and Professor Marianne M. Jennings a Professor of Legal and Ethical Studies in the College of Business at Arizona State University. They have contributed to http://www.authoritytickets.com – A secondary ticket market blog Authority Tickets
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