The justification for "over-selling" has long since passed. Fully transferrable, paper tickets meant airlines in the past had no reliable way of knowing how many would turn up. Today, the vast majority of tickets are direct sale, electronic and non refundable. What they do today would be fraud in any other industry. Imagine a Madonna concert where the promotors sold 10,000 tickets for an 8,000 seat arena. It would be a scandal and heads would roll.
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