In the Midwest football is fall, Friday Night High School games and Saturday filled with college games. You can go to a high school football game for a few dollars or shell out about 50 dollars for a Big Ten game. You get to see football at both, I mean my high school has a video screen (way over the top in my opinion). Simply put the demand for tickets isn’t even close, when I was in high school there was 6,000 people at a game, my town only has a population 6,000. Yet that doesn’t compare to the 100,000 people that can fit into the Horseshoe at Ohio State that almost always sells out.
While the schools have set prices for their tickets unless you know somebody with a ticket it is sometimes difficult to get that ticket to the “Big Game.” That is where you go to a scalper or get on eBay to find a ticket. Here is where you get to see how prices are set, two crappy teams hey guess what cheap tickets below the marked price on the other side two good teams with a championship on the line hundreds of dollars for the nose bleed tickets.
In the sports world a lack of coordination between supply and demand can certainly correlate to empty stadiums and potential loss in revenue for a team. For example the Chicago Cubs have some of the most loyal (and obnoxious) fans and manage to sell out Wrigley Field routinely, leaving fans searching for tickets. On the other side of town the White Sox struggle to fill US Cellular Field because a lack of demand for the high price on tickets although the World Series victory has helped sell some more tickets.
Now all we need is for a team named the Economists playing in Adam Smith Stadium. They would never play in front of an empty crowd because the market for tickets would always clear. It does make me wonder if Economists ran a sports team would the price of a beer still be six dollars?