000			01232nam a22001457a 4500
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008			230411b ||||| |||| 00| 0 eng d
100			_aBudish, Eric and Bhave, Aditya _939722
245			_aPrimary-market auctions for event tickets: Eliminating the rents of "bob the broker"?
260			_aAmerican Economic Journal: Microeconomics
300			_a15(1), Feb, 2023: p.142-170
520			_aEconomists have long been puzzled by event-ticket underpricing: underpricing reduces revenue for the performer and encourages socially wasteful rent-seeking by ticket brokers. What about using an auction? This paper studies the introduction of auctions into this market by Ticketmaster in the mid-2000s. By combining primary-market auction data from Ticketmaster with secondary-market resale value data from eBay, we show that Ticketmaster's auctions 'worked': they substantially improved price discovery, roughly doubled performer revenues, and, on average, nearly eliminated the potential arbitrage profits associated with underpriced tickets. We conclude by discussing why, nevertheless, the auctions failed to take off. – Reproduced
773			_aAmerican Economic Journal: Microeconomics
906			_aECONOMICS
942			_cAR