The law of one price?

by on May 12, 2009 at 11:13 am in Sports | Permalink

Jason Kottke informs us:

Ticket prices at the new Yankee Stadium are so high that if a New
Yorker wants to watch a Mariners/Yankees game from the best seats, it would be a lot cheaper to fly to Seattle, stay in a nice hotel, eat fancy dinners, and see two games.

Was it not Mises who said that the purchasing power of money is the same everywhere?  Some of the price differential will come from the greater value of the business connection in New York.  And maybe those seats are really good.

Elsewhere from kottke.org, here is a post on breeding rats to be better stock traders.

Floccina May 12, 2009 at 11:39 am

Well as for the rats, since people like Cramer do not beat the averages, I am sure they will do fine.

AADL May 12, 2009 at 11:44 am

Rothbard would have pointed out that they are not the same goods (services), so therefore might well have different prices.
Who wants to see the jankees anyway?

Andy May 12, 2009 at 12:18 pm

Maybe there is value in having the seats around you empty?

Neal May 12, 2009 at 12:25 pm

Wouldn’t it be more correct to say that the purchasing power of equilibrium prices are the same everywhere? Are the Yankees prices in equilibrium?

Matthew May 12, 2009 at 12:51 pm

Seriously. Different goods. They aren’t good substitutes. I’m somewhat new around here, but do you totally reject the notion of subjective valuation?

Yancey Ward May 12, 2009 at 1:56 pm

The Yankees suck.

Jonas May 12, 2009 at 3:55 pm

More spot-on commentary, courtesy of The Onion:

http://www.theonion.com/content/news/slashed_ticket_prices_allow_lesser

k May 12, 2009 at 6:11 pm

There is no normal way to see a Mariners /Yankees game in Seattle

Peter May 12, 2009 at 10:00 pm

I know it was true at one time, and may still be, that the subsidy on certain Amtrak routes was so great that it would have been cheaper to give each passenger a first class plane ticket and shut the route down.

Several years ago the then-Governor of Connecticut, John Rowland, was able to demonstrate quite convincingly that the state subsidy for Metro-North Railroad’s Waterbury branch (which runs about 30 miles from Waterbury to the New Haven mainline) was greater than the cost of providing each rider with a free ride in a stretch limousine.

Steve May 13, 2009 at 7:32 pm

Better question, given the insanely overpriced nature of tickets for the new Yankees stadium, what does the scalper market look like for tickets? Are they buying tickets in hopes of selling them at a profit?

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