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    groupD9-ass1PGPEcon (00000002)

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    Supratik Datta
    The London Olympics 2012 ticket distribution resulted in many empty seats in stadiums despite high demand. Over 2.6 million of the 8.8 million available tickets were reserved for sponsors, athletes' families, and international federations. As a result, there were many unused tickets while ticket touting was simultaneously intercepted by the government. LOGOC took back 3,000 tickets for resale in response to public outcry over the mismatch between empty seats and unavailability of tickets for sports fans.

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    groupD9-ass1PGPEcon (00000002)

    Uploaded by

    Supratik Datta
    62 views7 pages
    The London Olympics 2012 ticket distribution resulted in many empty seats in stadiums despite high demand. Over 2.6 million of the 8.8 million available tickets were reserved for sponsors, athletes' families, and international federations. As a result, there were many unused tickets while ticket touting was simultaneously intercepted by the government. LOGOC took back 3,000 tickets for resale in response to public outcry over the mismatch between empty seats and unavailability of tickets for sports fans.

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    groupD9-ass1PGPEcon (00000002).pptx

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    The London Olympics 2012 ticket distribution resulted in many empty seats in stadiums despite high demand. Over 2.6 million of the 8.8 million available tickets were reserved for sponsors, athletes' families, and international federations. As a result, there were many unused tickets while ticket touting was simultaneously intercepted by the government. LOGOC took back 3,000 tickets for resale in response to public outcry over the mismatch between empty seats and unavailability of tickets for sports fans.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    62 views7 pages

    groupD9-ass1PGPEcon (00000002)

    Uploaded by

    Supratik Datta
    The London Olympics 2012 ticket distribution resulted in many empty seats in stadiums despite high demand. Over 2.6 million of the 8.8 million available tickets were reserved for sponsors, athletes' families, and international federations. As a result, there were many unused tickets while ticket touting was simultaneously intercepted by the government. LOGOC took back 3,000 tickets for resale in response to public outcry over the mismatch between empty seats and unavailability of tickets for sports fans.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 7

    LONDON OLYMPICS 2012 TICKET FIASCO

    PRESENTED BY:

    SHUBHAM GHOSH
    SIDDHARTH MERTIA
    SRI AVINASH KADIMCHARLA
    SRINIVASAN S
    SUKANYA MAZUMDER
    SUKRIT SHARMA
    SUPRATIK DUTTA
    OLYMPICS 2012
    CASE FACTS
    LOGOCs promise: packed stadiums with passionate fans
    Reality: Gaping vacancies (empty seats in stadiums)
    Tickets allotment: more than 2.6 million out of 8.8 million tickets were set aside for
    sponsors, families of participants and international federations1
    Many tickets were left unused
    While simultaneously ticket touting was being intercepted by the government.
    Fines up to 20,000 were levied upon touters. (Under Olympic Act 2006)
    Grave mismatch: Empty slots, yet unavailable to sport enthusiasts.
    Outcome of the hue and cry: LOGOC took back 3000 tickets for resale1
    Y axis
    a
    supply P1 Equilibrium price
    Q1 Equilibrium quantity
    supplied and demanded
    Buyers
    Buyers
    /ticket)

    surplus
    Surplus
    P1 E1
    Sellers
    Sellers At this place we can see the
    Surplus
    surplus buyers surplus (P1aE1) and
    sellers surplus (bE1P1) both
    are maximized.
    b demand

    0 X axis
    Q1

    Quantity(Tickets in
    thousands / year)

    Market Equilibrium (without government intervention)


    Y axis Buyers surplus gain = P1bfc
    a Buyers surplus loss = dfE1
    supply Sellers surplus loss= P1bfc + fcE1
    d
    /ticket)

    Net loss = dcE1

    f
    P1 E1
    Price (

    Excess demand Price


    b
    c Ceiling

    e demand
    0 Qs Q1 Qd
    X axis
    Quantity (Tickets in
    thousands / year)

    Market Equilibrium (with government intervention)


    EFFECTS
    There is a loss in both the buyers and sellers surplus

    Due to unavailability of seats there has been a loss to the buyers

    Due to the price ceiling effect, the gain in the buyers surplus is transferred to
    the loss in the sellers surplus

    Sellers are not able to meet the available demand because of this price ceiling

    There is a gap between the face value and the true value of the tickets, which
    is not being resolved

    Market forces are unable to function properly


    REFERENCE

    1. http://www.forbes.com/sites/tomvanriper/2012/07/30/london-
    olympics-lack-secondary-ticket-market-plan/#34455a6f4747
    THANK YOU!

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