Evidence of liquidity constraints found in theme park ticket auctions

Richard J. Cebula, Richard D. McGrath

Research output: Contribution to journalArticlepeer-review

1 Scopus citations

Abstract

Data from Internet auctions of unused tickets to Walt Disney World are used to establish the presence and financial impact of liquidity constraints for consumers, even when those consumers are confronted with a very short time horizon and a substantial potential monetary saving. Bidding for tickets is found to be consistent with the microeconomic consumer theory of risk and liquidity. The presence of liquidity premiums and premiums paid for variety in entertainment are separately established.

Original languageEnglish
Pages (from-to)112-121
Number of pages10
JournalJournal of Economics and Finance
Volume29
Issue number1
DOIs
StatePublished - 2005

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