The LA Clippers explain the difference between variable and dynamic ticket pricing, which are often confused by fans. Variable pricing refers to changes in ticket prices based on factors like opponent, day of the week, or time of the game. Dynamic ticket pricing takes things a step further and actually bases the ticket price off demand and supply for a particular game.
Northwestern — Purple Pricing Plan
Northwestern University unveiled one of the first dynamic pricing models for college sports in 2014. Students can reserve seats for upcoming sporting events and if prices fall to lower prices because of low demand, anyone who paid higher prices would be refunded. This incentive was meant to encourage students to reserve their seats early for big games. The two also introduce a Dutch Auction for tickets where students can set their reserve price and if they fall within the window then they’ll be assigned tickets.
NBA Marriage Proposal Fail
It takes a lot of courage to propose to your partner in front of thousands of on-lookers and most of the time the answer, at least in public, is a solid “yes,” but this individual wasn’t so lucky. This clip is a good opening clip to use for opportunity costs, which is the value of the next best alternative. For the young lady, she quickly considered life with her partner and realized that the opportunity cost outweighed the benefit.
If you were the young man proposing, what would you rather be doing at that moment than what he’s going through? Instead of purchasing the engagement ring (average of $6000 in the US), what would you have spent that money on?
Thanks to Greg Caskey for the suggestion!
Bleacher Report — The Coach That Never Punts
At Pulaski Academy in Arkansas, Kevin Kelley’s team never punts because he opts for high risk decisions because the probabilities are in his favor. He doesn’t believe in taking the risk averse method and he also believes in focuses on his team’s comparative advantage instead of just doing the traditional method.