Problem: As we move into discussing dynamic pricing, there's one recent event that comes into mind: the absurd dynamic pricing strategy of Ticketmaster during ticket sales for Taylor Swift's upcoming Eras Tour. Dynamic pricing, a concept in which prices ebb and flow based on demand and capacity (among other things), is used by many popular companies, such as Uber and Airbnb. This practice is also used by live entertainment industry giant Ticketmaster and has been for a long time. However, Taylor Swift's recent tour sales have brought mainstream attention to this practice, and politicians such as Representative AOC even stepped in. to make statements against Ticketmaster and its monopoly status. The dynamic pricing system operated by Ticketmaster was not equipped to handle as much traffic as it received when the tickets went on sale, with some ticket prices being driven all the way up to $22,000 .(which obviously upset many fans). Personally, I think the dynamic pricing system, while smart for businesses, can seem unfair to consumers, and they may retaliate in response (as seen by Ticketmaster).
1. What do think of dynamic pricing? Do think it's a "fair" system?