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substantial - substantial markups,,concerts .,brokers...

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substantial mark-ups, a wide selection of tickets for the theatre, concerts, sporting events and special events. According to some estimates, brokers resell 10 percent of primary tickets, and this . gure goes up to 20 –30 percent for top-tier seats (Happel and Jennings, 2002). In addition to brokers, who are licensed businesses, many scalpers resell tickets on the street. Event promoters typically try to discourage or prevent resale for pro. t. Most promoters limit block purchases and support other measures that restrict brokers’ access to tickets. Some promoters also actively support laws that regulate resale and restrict resale markups. In contrast, economists usually argue that resale increases ef. ciency, because it channels tickets to those consumers who value them the most. The textbook analysis of resale typically takes for granted that promoters deliberately choose to underprice and that this opens the door for arbitrages (for
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