Jeffrey Ely

Jeff Ely is the Charles E. and Emma H. Morrison Professor of Economics at Northwestern University and an accomplished latte-artist. He is co-director of the Center for Economic Theory, a member of several editorial boards and co-author of the blog Cheap Talk.

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12

Nov

Northwestern Makes List of Top 10 Most Innovative Companies… In Sports!

From Fast Company:

For redefining ticket sales. Under the direction of two in-house economists, the university is testing out a new ticket-selling system for some of its games. It’s called “Purple Pricing”—like a Dutch auction, but with a twist: Prices start high and drop until tickets sell out, and fans buy whenever a price is appealing. There’s no risk of overpaying (like, say, on StubHub, where prices fluctuate) because everyone pays the final price. So if a fan buys at $50 but the price drops to $40, the fan is refunded $10. The system gives the school precise data about the market value of its tickets, ensuring more revenue and less scalping, and presenting a new path for a messy ticketing industry.


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Jeffrey Ely

Jeff Ely is the Charles E. and Emma H. Morrison Professor of Economics at Northwestern University and an accomplished latte-artist. He is co-director of the Center for Economic Theory, a member of several editorial boards and co-author of the blog Cheap Talk.

Click here to blast this page, Asteroids style. Space bar fires, arrows move.

12

Nov 2014

Northwestern Makes List of Top 10 Most Innovative Companies… In Sports!

From Fast Company:

For redefining ticket sales. Under the direction of two in-house economists, the university is testing out a new ticket-selling system for some of its games. It’s called “Purple Pricing”—like a Dutch auction, but with a twist: Prices start high and drop until tickets sell out, and fans buy whenever a price is appealing. There’s no risk of overpaying (like, say, on StubHub, where prices fluctuate) because everyone pays the final price. So if a fan buys at $50 but the price drops to $40, the fan is refunded $10. The system gives the school precise data about the market value of its tickets, ensuring more revenue and less scalping, and presenting a new path for a messy ticketing industry.


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>