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Thursday, March 22, 2018

Open source idea: CrowdTicketPrice

Was thinking to myself about someone scheduling having some personality show up to speak to the public in some venue. And could you crowd source pricing?

Like what if there was a max bid, for a ticket, which was deliberately priced higher, but just in case demand was at that level. Like say, $50 US for a speaker at a thousand seat venue.

If you simply purchased at max price, with tickets available, then you'd have your ticket, potentially at that price.

But you could also bid a price. Where when all tickets are sold, is just mathematically determined what was the most desired price, and that is then the set price.

To prevent fraud the algorithm for that calculation should be open source, and bids should be public, with all other information withheld to preserve anonymity and privacy. That way anyone can calculate the set price, which would be a protection for all.

People who were willing to purchase at max price would then only be charged the set price. Like say was $33 US. And all people who bid above that price or at it, would then be charged at that price and have their tickets.

But people who bid BELOW the set price would get an option, to upscale to the set price--or release their ticket.

And released tickets would go back on sale, at the now set price of: $33 US

Potentially with high demand, all the tickets could rapidly sale at max bid, showing that IS the proper price or probably lower than what value people might actually believe is there.

Might seem like best bet is to bid low, to try and drive down the total price, but that opens the door to more people! Which with a high demand item would LESSEN likelihood would get a ticket. Like if is dynamic where the likely set price is viewable, oh which is an addition to idea, and everyone is bidding $1 US, then might go rapidly.

Oh yeah, people can be squirrely. What if everyone just learns to bid $1 and rush for tickets?

Well could set a minimum, if necessary. Probably would depend on the likely community though of interested people as to whether or not would so behave.

Could even let people bid below a minimum, and if demand did not reach, could go ahead and sell them at what can then be like a shorted level. So they were being closer to what people really value.

THAT could be very dynamic, and decided will toss out there as a free idea. Oh yeah, should link to my other idea for people dynamically PICKING movies for the theater: Movie theater of the future?

Have ideas like these ALL the time. Tend to just put them up somewhere public, just in case might be valuable. If that sounds wrong to you? Then guessing you do not think like me. Is cool.


James Harris

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