Some points that I have not seen mentioned before:
a)
that this is just the kind of thing that happens when retailers are foolishly prevented (by public opinion, if not by law) from charging the true market price.
Yes, this is the natural course of events, just like it is natural that people will steal from me if I leave the door to my house open at all times. This however does not mean that the thieves are not morally to blame. (I understand this was not your actual point, but it is a common point in libertarian discussions). Both the manufacturer and the retailers consider the scalpers’ intention and tactics to be unwelcome. (Per the linked article, the scalpers have to write human impersonating bots to fool the retailers’ websites; they are not using public facing APIs). In that sense, scalpers are not playing by the rules and it is reasonable for people to be angry at scalpers, even though it may not agree with an utilitarian outlook on ethics.
b) Others have argued that through scalping people’s time vs people’s money is traded. That is correct, but it seems to me that you are also trading luck for money. Obviously, getting a PS5 in a store drop is governed by chance as well as time. I am not entirely sure how that changes the net welfare calculus:
On the one hand, through scalping the good goes to the consumer who is willing to spend the most in one resource (money), which is strongly correlated to how much they desire the PS5 (which is good for net welfare). Luck is not correlated to how much a consumer wants the good.
On the other hand, if you award goods by lotteries, people do not have to waste resources that do not actually incentivize the production of PS5s.
c) In the particular case of a PS5, it is preferable that the good goes to people with more time, rather than with more money, because the former will have more time to actually use the PS5, thus deriving more benefit from it. If everybody were perfectly rational, the rich bidders should have already priced that into their price, but I doubt that people are that rational in this circumstance without being able to really prove it.
Some points that I have not seen mentioned before:
a)
Yes, this is the natural course of events, just like it is natural that people will steal from me if I leave the door to my house open at all times. This however does not mean that the thieves are not morally to blame. (I understand this was not your actual point, but it is a common point in libertarian discussions). Both the manufacturer and the retailers consider the scalpers’ intention and tactics to be unwelcome. (Per the linked article, the scalpers have to write human impersonating bots to fool the retailers’ websites; they are not using public facing APIs). In that sense, scalpers are not playing by the rules and it is reasonable for people to be angry at scalpers, even though it may not agree with an utilitarian outlook on ethics.
b) Others have argued that through scalping people’s time vs people’s money is traded. That is correct, but it seems to me that you are also trading luck for money. Obviously, getting a PS5 in a store drop is governed by chance as well as time. I am not entirely sure how that changes the net welfare calculus:
On the one hand, through scalping the good goes to the consumer who is willing to spend the most in one resource (money), which is strongly correlated to how much they desire the PS5 (which is good for net welfare). Luck is not correlated to how much a consumer wants the good.
On the other hand, if you award goods by lotteries, people do not have to waste resources that do not actually incentivize the production of PS5s.
c) In the particular case of a PS5, it is preferable that the good goes to people with more time, rather than with more money, because the former will have more time to actually use the PS5, thus deriving more benefit from it. If everybody were perfectly rational, the rich bidders should have already priced that into their price, but I doubt that people are that rational in this circumstance without being able to really prove it.