Economics of the World Series Paper
Since its creation, baseball has always been a feel-good American pastime with the ability to bring all sorts of people together. Nothing beats sitting at your favorite ballpark with a smothered hot dog in one hand and an ice cold drink in the other. This scene is symbolic in American culture. Now imagine being in your favorite ballpark watching your favorite team play in the World Series. It is the pinnacle of the sports world. This year is specifically special. With the Chicago Cubs and the Cleveland Indians being the competing teams, we are witnessing the face off of two teams with two of the longest Championship droughts in baseball history. Talk about a fight for the chance to make history. After this series is over, there will be records broken, memories made, and a ton of money spent on witnessing the occasion.
The World Series is the highlight of the year for baseball fans around the country. This year is specifically special with the Indians and Cubs fighting for a chance to make history. Though it won’t just be baseball history broken this series. Ticket prices for this series are selling at unprecedented prices. In fact, World Series ticket sales on the secondary market are now approaching levels only seen by the most recent Super Bowl ($3,894) and the hyped up fight of the century between Floyd Mayweather and Manny Pacquiao ($3,700.) With two tickets already being sold for $23,402 apiece for the Game 7 matchup. If the Cubs win the first two home games at Wrigley Field, industry experts predict Sunday’s Game 5 could produce, on average, the most expensive scalped tickets in U.S history.
Although there is no way to truly predict how high the median average of ticket prices will go. Based on the current sales and a pent-up demand of over 108 years, this series at Wrigley Field will almost certainly shatter the record for World Series sales. The previous record held by the St. Louis Cardinals and Boston Red Sox in 2004, in …