Once again an interesting analysis, but it seems to me that a lot of crucial data is missing.
What was the ratio of owners of tickets to non ticket owners?
If the ratio was 1:10 then the average buy offer of $170 does not tell us if 10% of the non-owners would be willing to pay $1700 and thus $1700 may be a reasonable asking price.
Could student ticket owners only resell to student non-ticket owners? If students could sell to alumni, clearly alumni have a lot more money than students, then $1700 may be a reasonable asking price.
I worked at an antique shop awhile ago, and I found this to be very true. People would often come in to have their family heirlooms appraised or sometimes they'd want to sell those items to the owner of the shop, and they almost always thought their stuff was worth way more than it actually was.
Dan Ariely is a behavioral scientist at MIT and the author of Predictably Irrational: The Hidden Forces that Shape Our Decisions.
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