Maybe we can put some very rough estimates on Obama joy. The government has printed 250,000 tickets for his inauguration that will be distributed through congressmen and senators a week before the inauguration. However, there are people, including legitimate ticket brokers according to CNN, already scalping those tickets and they claim that they will be able provide them. "Ticket brokers act as middlemen, selling inaugural tickets they say they purchase from Capitol Hill employees and people who get them from members of Congress." A Bloomberg article reports, "Someone paid $21,716 for a pair of tickets on EBay Inc.'s Stubhub.com, spokeswoman Vanessa Daniele said in an interview. The average price for tickets is currently $1,419, she said. "
It is unlikely that all the people who get them will value them as much as these early buyers, but if the average value is $1000, then just this bit of Obama joy would be worth at least a quarter of a billion dollars. Someone who specializes in cost-benefit analysis could probably do a lot more with these numbers than I can.
I like free. I wish I could get some free tickets. Long live arbitrage!
The West was right about China
1 hour ago