Is Resale Needed in Markets with Refunds? Evidence from College Football Ticket Sales
研究在需求不确定的易逝品市场中，转售（灵活定价但有摩擦）与部分退款（集中但价格刚性）哪种更有效，利用大学橄榄球票务数据发现退款平均更优，但转售在重大冲击后更高效。
ABSTRACT In what circumstances is allowing resale more efficient than providing refunds? I study common aftermarket policies in perishable goods markets with demand uncertainty. Using primary and resale market data on college football ticket sales, I estimate a structural model comparing resale, which has flexible prices but incurs frictions, to a partial refund scheme, which is centralized but has rigid prices. In the model, consumers anticipate shocks when making initial purchases, then engage in resale after shocks are realized. Because of resale frictions, refunds are more efficient on average. However, flexible prices make resale more efficient after large aggregate shocks.