The Price of Scarcity - From Concert Tickets to Natural Disasters
Over the past few years I’ve been repeatedly blown away at the prevalence and magnitude of outrage directed at scalpers (the ticket reseller kind, not the human scalp remover kind!) Whether it’s Taylor Swift concert tickets, graphics cards, or hand sanitizer, it seems there’s always some product being scalped and bringing about the same frustrated conversations about greed and selfishness. Given my priors on the benefits of free markets, this struck me as a very interesting phenomenon and raised many questions in my mind:
read more