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I drink your milkshake! a metaphor for capitalism
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<blockquote data-quote="rickyb" data-source="post: 3738920" data-attributes="member: 56035"><p>prices are not decided by supply and demand. prices are set by the capitalists charging as much as they think they can:</p><p></p><p><a href="http://www.progressive-economics.ca/2006/12/11/time-to-nationalize-ticketmaster/" target="_blank">The Progressive Economics Forum » Time to Nationalize Ticketmaster</a></p><p></p><p>What I do object to is, first a $1.50 venue fee added onto the $38.50, a figure that really should be part of the ticket price to begin with. Next comes a Ticketmaster service charge of $7 – seven dollars!! – which means Ticketmaster is making almost five times as much as the host venue. To add insult to injury, I was looking for five tickets, so that is $35 to Ticketmaster. I was purchasing on-line, so Ticketmaster’s <strong>marginal cost of selling me the tickets was close to zero (the cost of electricity to move a few electrons around plus some small amortized amount related to the purchase of hardware and development of ticket-selling software). And on-line this marginal cost is the same no matter how many tickets I bought.</strong></p><p></p><p>In the face of such monopoly pricing, my rational utility-maximizer goes out the window to be replaced with an irrational ball of rage willing to go out of my way to deny Ticketmaster its greedy cut. But I am not sure if I can get tickets from the venue itself, so I may well not go at all. Ticketmaster is a horrible monopoly; others, including some rich bands like Pearl Jam, have tried to create an alternative ticket vendor, but failed. Because Ticketmaster is so entrenched (a lock-in effect), we need to find remedies to ensure fairer (and arguably, more efficient) outcomes.</p></blockquote><p></p>
[QUOTE="rickyb, post: 3738920, member: 56035"] prices are not decided by supply and demand. prices are set by the capitalists charging as much as they think they can: [URL="http://www.progressive-economics.ca/2006/12/11/time-to-nationalize-ticketmaster/"]The Progressive Economics Forum » Time to Nationalize Ticketmaster[/URL] What I do object to is, first a $1.50 venue fee added onto the $38.50, a figure that really should be part of the ticket price to begin with. Next comes a Ticketmaster service charge of $7 – seven dollars!! – which means Ticketmaster is making almost five times as much as the host venue. To add insult to injury, I was looking for five tickets, so that is $35 to Ticketmaster. I was purchasing on-line, so Ticketmaster’s [B]marginal cost of selling me the tickets was close to zero (the cost of electricity to move a few electrons around plus some small amortized amount related to the purchase of hardware and development of ticket-selling software). And on-line this marginal cost is the same no matter how many tickets I bought.[/B] In the face of such monopoly pricing, my rational utility-maximizer goes out the window to be replaced with an irrational ball of rage willing to go out of my way to deny Ticketmaster its greedy cut. But I am not sure if I can get tickets from the venue itself, so I may well not go at all. Ticketmaster is a horrible monopoly; others, including some rich bands like Pearl Jam, have tried to create an alternative ticket vendor, but failed. Because Ticketmaster is so entrenched (a lock-in effect), we need to find remedies to ensure fairer (and arguably, more efficient) outcomes. [/QUOTE]
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