A lesson in cognitive dissonance for the Corbynites
Behavioural economics — which extends the ability of economics to explain the world — has become very fashionable. Richard Thaler, Nobel Prize winner for his work in this area, observed that most of the time, the rational choice model of standard economics works well. People gather information on the various alternatives open to them, and […]
You can’t take the economics out of football
The appearance of Liverpool and Spurs in the Champions League final and Arsenal and Chelsea in the Europa Cup one has generated massive interest. But the official ticket prices for the games are surprisingly reasonable. Liverpool and Spurs have been offered 16,613 tickets each. Five per cent of these are expensive, at £513 each. A […]
Ticket prices, fairness and behavioural economics
Who wants to watch the Scousers play football? Certainly no Mancunian, and probably no self-respecting Londoner either. Yet demand for tickets at Anfield, the home of Liverpool FC, is high. Indeed, there is excess demand: more people want to watch the games than there is room for in the stadium. In keeping with the precepts […]
