“If demand increases (demand curve shifts to the right) and supply remains unchanged, a shortage occurs, leading to a higher equilibrium price.”
So says the rule of Microeconomics and so it was brought to bear yesterday afternoon just after 4.00pm as thousands of outraged Rugby fans were unable to secure tickets to Saturdays SupeRugby final for a number of reasons as demand did to supply what the Crusaders and Chiefs used to be able to do to the two teams contesting the final.
While the Ticketek website clearly (and probably logically) had technical issues handling the massive load of prospective punters trying to secure themselves the chance to view history all at the same time, the real moral outrage emerged not long after as a small number of tickets appeared on the TradeMe auction site where successful ticket holders were putting market forces to work (or testing the supply/demand curve for themselves as my old Economics teacher Dermott Kelley used to say).
So what? As rightful owners of the tickets, these people were legally and morally within their rights to offer unsuccessful applicants a second bite at the Cherry in obtaining a ticket at a price the market (rather than the Hurricanes) would determine. Of course, the fact that the number of tickets auctioned was a miniscule 0.01% of the total available for sale (this according to TradeMe) did nothing to suppress the outrage and accompanying nasty, bullying threats and implausible bids by unhappy so-called “Traders” (check the comments at the bottom of this one out). One hopes that TradeMe are as strict at policing them as these nasty Bullies were to react to the Entrepreneurs.
Of course on a slow news day, the Politician’s (many of whom will likely attend the match) have managed to turn this into a Left vs Right Labour vs National debate around whether this weekend’s game is one of “National Significance” but don’t be distracted by all that posturing and nonsense – this is simple economics at work.
Remember, if you want to go to the Superbowl you gotta have a ticket.