Resale and Rent-Seeking: An Application to Ticket Markets
构建了一个票务转售的均衡模型，利用一级和二级市场的交易数据，发现转售虽能提升5%的配置效率，但其中三分之一被一级市场的寻租成本和转售交易成本抵消。
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 from low-value to high-value consumers, but it also stimulates costly efforts by consumers and brokers to obtain underpriced tickets in the primary market. We estimate that observed levels of resale increase allocative efficiency by 5% on average, but that a third of this increase is offset by increases in costly rent-seeking in the primary market and transaction costs in the resale market. Copyright 2014, Oxford University Press.