R Street testifies in support of free-market pricing in secondary ticket markets
In a hearing to examine HB 5108, which would allow the resale of event tickets at higher or lower prices, Smith reiterated R Street’s support of the bill, which would put Michigan on an even playing field with most other states.
“It is counterintuitive to imagine that offering up property for resale at whatever price you establish in the marketplace is a crime against the sate,” said Smith. “What the public supports is the idea that even when an event is sold out, somebody for the right price will let you go in his or her place.”
Smith argued that markets are much more adept at working out ticket values than are any group of public officials, but cautioned that free market pricing does not necessarily negate the need for government protection against online scams and misallocations.
“Limited, efficient government may also mean that laws targeting fraud may have to be occasionally updated to reflect all the improvisations of electronic age thieves,” he said.