CUNY Lehman College Wk 10 Financial Perspectives in Sports & Price Setting Discussion

Question Description

PLEASE KEEP IN MIND THIS IS A PERSPECTIVE IN SPORTS COURSE. THE ANSWERS TO THE QUESTIONS MUST BE LENGTHY 2 PARAGRAPH MINIMUM.

Sources for Reference:

Price Setting
Additional references that you find

In Order to Complete this Assignment, You Must:

1. Go here for a pretty simple explanation of variable and dynamic ticket pricing:
https://www.nhl.com/islanders/tickets/2017-18/variable-dynamic-pricing
And here for a more complicated but much more detailed explanation (click “download this paper” or “open PDF in browser) to access:
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2796407

In fact, it is so detailed that the answer to (a) is right there.

a. Identity and briefly discuss some of the factors that influence ticket prices in both a variable and dynamic ticket pricing scheme.

b. Explain why professional sport teams are better off using a dynamic pricing model rather than a fixed pricing model (when ticket prices are determined at the beginning of the season).

c. What aspect of ticketing has changed in the past 20 years that have allowed teams to use both variable and dynamic pricing? Briefly discuss.

2. Use the concept of elasticity of demand to explain why a beer inside Yankee Stadium costs $12 and the same beer at Stan’s Bar on River Avenue, right across the street, costs $5.50.

https://docs.google.com/presentation/d/1tZbDW8JRRz… <– Slides

3. (Consider slides 11-13 on the PowerPoint included in this module before you answer this question). Someone tells you, “Team X is selling out every game; therefore they are maximizing their ticket revenue.” Do you agree or disagree with that statement? Discuss your reasoning.

Documentation Style: American Psychological Association (APA). You must provide accurate references and accurate in-text citations for each direct quote or paraphrase that you include.

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