Why London’s NYE Fireworks Display Broke Economics Textbooks

#1

Post by QuasiAlon » Thu, Dec 31, 2020, 4:50 PM UTC

Why London’s NYE Fireworks Display Broke Economics Textbooks
alonnir.medium.com

Re: Why London’s NYE Fireworks Display Broke Economics Textbooks

#2

Post by kurthr » Thu, Dec 31, 2020, 6:43 PM UTC

So all of the ticket proceeds go towards collecting fees and enforcing the ticket restrictions... so as to reduce public good.

Sounds a lot like charging for WiFi, which usually costs as much to administer and enforce as it collects.

Re: Why London’s NYE Fireworks Display Broke Economics Textbooks

#3

Post by QuasiAlon » Thu, Dec 31, 2020, 6:45 PM UTC

kurthr wrote: post #2

So all of the ticket proceeds go towards collecting fees and enforcing the ticket restrictions... so as to reduce public good. Sounds a lot like charging for WiFi, which usually costs as much to administer and enforce as it collects.

making the public good a private good so they could raise the money for making the transition :)

but seriously, the reasons are legit.

Re: Why London’s NYE Fireworks Display Broke Economics Textbooks

#4

Post by sweetheart » Thu, Dec 31, 2020, 6:46 PM UTC

This doesn't make clear at all how converting the free event to a ticketed event "broke" economics textbooks.

Re: Why London’s NYE Fireworks Display Broke Economics Textbooks

#5

Post by QuasiAlon » Thu, Dec 31, 2020, 6:49 PM UTC

sweetheart wrote: post #4

This doesn't make clear at all how converting the free event to a ticketed event "broke" economics textbooks.

Apologies. Fireworks are the text book example of public goods.

Re: Why London’s NYE Fireworks Display Broke Economics Textbooks

#6

Post by mlinhares » Thu, Dec 31, 2020, 6:57 PM UTC

Perfect example of when it should have been made of a bunch of smaller fireworks displays, so that people wouldn't want to travel as far but would still be able to watch a fun show.

Re: Why London’s NYE Fireworks Display Broke Economics Textbooks

#7

Post by FalconSensei » Thu, Dec 31, 2020, 6:58 PM UTC

Seeing fireworks is non-rivalrous, but being somewhere is. So getting a good viewing spot for the fireworks is rivalrous.

BTW, the title doesn't make any sense

edit: typo

Re: Why London’s NYE Fireworks Display Broke Economics Textbooks

#8

Post by humanistbot » Thu, Dec 31, 2020, 6:59 PM UTC

What a sensationalist, clickbait title of a very short piece written in 2019 and republished now to get some NYE traffic (needs a year in the title).

Re: Why London’s NYE Fireworks Display Broke Economics Textbooks

#9

Post by chrisseaton » Thu, Dec 31, 2020, 7:04 PM UTC

FalconSensei wrote: post #7

Seeing fireworks is non-rivalrous, but being somewhere is. So getting a good viewing spot for the fireworks is rivalrous. BTW, the title doesn't make any sense edit: typo

> Seeing fireworks in non-rivalrous, but being somewhere is ... BTW, the title doesn't make any sense

Neither does your comment! What do you mean 'in non-rivalrous, but being somewhere is'?

Re: Why London’s NYE Fireworks Display Broke Economics Textbooks

#10

Post by jamespwilliams » Thu, Dec 31, 2020, 7:08 PM UTC

chrisseaton wrote: post #9

FalconSensei wrote: post #7

Seeing fireworks is non-rivalrous, but being somewhere is. So getting a good viewing spot for the fireworks is rivalrous. BTW, the title doesn't make any sense edit: typo

> Seeing fireworks in non-rivalrous, but being somewhere is ... BTW, the title doesn't make any sense Neither does your comment! What do you mean 'in non-rivalrous, but being somewhere is'?

s/in/is