In December 2018, tickets to a concert by Andy Lau, a Cantopop legend, that cost HK$980 had a resale price between HK$3,500 and HK$5,000, more than six times their face value. Scalpers usually buy tickets when they are first offered to the public and then sell any ticket, even those in short supply, at some price. In October, Hong Kong’s Consumer Council revised scalping laws to plug a loophole that allowed resale of tickets online at inflated prices with little or no consumer protection.

It is argued that ticket touting is efficient. Explain that argument. Others ask how it could be efficient “if only rich people can afford to go to most concerts?” Do you agree? Why or why not?