By John Considine
This week Wembley was sold out for the Women’s FA Cup Final. It was women competitors selling out what is probably the national arena in England. At one stage it seemed like the national arena for Gaelic Games in Ireland, Croke Park, might have been the venue for a competition between two other female competitors. For a variety of reasons, tomorrow's fight between Katie Taylor and Chantelle Cameron will not take place in Croke Park. Therefore, we are left ponder what prices would have been charged for entry and whether these prices would have been designed to maximise profits or attendance.
We do have the prices for the 3Arena. Prices. There is more than one price for entry to most sports events. The prices listed for the Taylor fight in the 3Arena are €80, €100, €140, €250, €500, €750, and €1,500 (VIP). The relatively smaller venue allows for higher prices.
The prices listed on the Wembley Stadium website for access to the FA Cup final include £30, £25 and £15 for Category 1, 2 and 3, respectively. In addition, there were other prices for Old Age Pensioners and Students (£10) and u16s (£5). There were reduced per person prices if they purchased as groups. There were tickets packaged with other benefits, e.g. £199 for the Diamond package. Or a Private Box could be purchased for £237 per person.
There is no mention of prices for pensioners, students, or u16s for the 3Arena. I’m not sure if these would have had price categories if the fight was taking place in the bigger Croke Park venue.
My guess is that Eddie Hearn, the boxing promoter, is best placed to select the venue and prices. Practical knowledge based on experience. Academic economists like to construct theoretical demand schedules that plot the relationship between prices that individuals are willing to pay at given quantities. How many people would turn up to watch Katie Taylor if, there were no space constraints and, the price was a uniform €20? At €30? At €10?
There is a gap between theory and practice. Before the turn of the century, a colleague of mine got a lesson on this point. They got the department to pay for the production of over 200 course books that were to be sold at the cost of production. The number ordered matched the number of students in the class. The colleague only realised their error when not every student decided to purchase a course book. There was some element of elasticity. The same mistake was not made the following year. There is a good chance Eddie Hearn selected the prices that were most likely to maximise profits.
Maybe in the not-too-distant future, Taylor will fight in Croke Park. It will probably have to be pretty soon as she comes towards the end of her career. It would be nice to see her sell out the venue.
We do have the prices for the 3Arena. Prices. There is more than one price for entry to most sports events. The prices listed for the Taylor fight in the 3Arena are €80, €100, €140, €250, €500, €750, and €1,500 (VIP). The relatively smaller venue allows for higher prices.
The prices listed on the Wembley Stadium website for access to the FA Cup final include £30, £25 and £15 for Category 1, 2 and 3, respectively. In addition, there were other prices for Old Age Pensioners and Students (£10) and u16s (£5). There were reduced per person prices if they purchased as groups. There were tickets packaged with other benefits, e.g. £199 for the Diamond package. Or a Private Box could be purchased for £237 per person.
There is no mention of prices for pensioners, students, or u16s for the 3Arena. I’m not sure if these would have had price categories if the fight was taking place in the bigger Croke Park venue.
My guess is that Eddie Hearn, the boxing promoter, is best placed to select the venue and prices. Practical knowledge based on experience. Academic economists like to construct theoretical demand schedules that plot the relationship between prices that individuals are willing to pay at given quantities. How many people would turn up to watch Katie Taylor if, there were no space constraints and, the price was a uniform €20? At €30? At €10?
There is a gap between theory and practice. Before the turn of the century, a colleague of mine got a lesson on this point. They got the department to pay for the production of over 200 course books that were to be sold at the cost of production. The number ordered matched the number of students in the class. The colleague only realised their error when not every student decided to purchase a course book. There was some element of elasticity. The same mistake was not made the following year. There is a good chance Eddie Hearn selected the prices that were most likely to maximise profits.
Maybe in the not-too-distant future, Taylor will fight in Croke Park. It will probably have to be pretty soon as she comes towards the end of her career. It would be nice to see her sell out the venue.
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