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0 pointssomehnacct37573y ago0 comments

X isn't the price in my solution it's the percent of concert hopefuls who will hold their nose and pay a scalper. Once there's exactly that many tickets left, there's no point running the auction anymore. Scalpers should use their bots to completely buy up all remaining tickets, as they do now, and then set them for a higher price on the secondary market.

Buying the first 1-X% tickets nearly guarantees you will pay more than the scalp price except for a thin band right before X where the prices are within the scalper's margin.

Basically this system only beats scalpers if everyone is richer than scalpers, which most concertgoers are not. If you're rich you might like the sound of this new system on paper but it's actually cheaper for you to stay with the current system and buy all your tickets on the secondary market.

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pclmulqdq3y ago

Wait, they didn't choose to buy a ticket at the price the scalpers got (plus epsilon), so why would they pay more when the scalpers come around with a ticket?

somehnacct3757OP3y ago

Cuz the auction ran out of tickets so the price starts to climb as scalpers monetize FOMO. Regular purchasers don't know what the scalpers think X is for this particular concert. Even if you knew X, all you could do is try to buy a ticket right before the remaining quantity reaches X which guarantees you paid more than the scalper, but maybe not more than the scalper's resell price.

X is the moment scalpers buy up the remaining market and set their own prices now that they control the supply. They know many other ticket holders can't compete with them since they paid more money for their ticket.

pclmulqdq3y ago

Regular purchasers would learn to not try to game the auction like that any more. In the scenario you described, they are only losing out on tickets because they are getting greedy and trying to buy them for less than they think those tickets are worth.

The point of auctions is that the right strategy is to bid to your price, not to try to guess what other people think the price should be. That's why they work.

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0 pointssomehnacct37573y ago0 comments

Buying the first 1-X% tickets nearly guarantees you will pay more than the scalp price except for a thin band right before X where the prices are within the scalper's margin.

0 comments

pclmulqdq3y ago

Wait, they didn't choose to buy a ticket at the price the scalpers got (plus epsilon), so why would they pay more when the scalpers come around with a ticket?

somehnacct3757OP3y ago

pclmulqdq3y ago

The point of auctions is that the right strategy is to bid to your price, not to try to guess what other people think the price should be. That's why they work.

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j / k navigate · click thread line to collapse