* Part of this work was done while the first author was visiting the IBM T.J. Watson Research Center in Hawthorne, NY, whose hospitality is gratefully acknowledged. Anant Jhingran and Sunil Noronha and especially Mike Rothkopf provided valuable feedback on earlier versions. However, any remaining errors are solely the responsibility of the authors. AbstractTraditionally, companies aiming to ach...

We estimate an equilibrium model of ticket resale in which consumers’ and brokers’ decisions in the primary market reflect rational expectations about the resale market. Estimation is based on a unique dataset that merges transaction details from both the primary and secondary markets for tickets to major rock concerts. In our model, the presence of a resale market permits tickets to be traded ...

Valuation ultimately refers to the contribution of an item to meeting a specific goal or objective. Conventional economic valuation is based on the goal of allocative efficiency. But other social goals may be equally, if not more, important. For example, the goals of social fairness and ecological sustainability have been identified as being at least of the same level of importance as allocativ...