Virtual Economies: Design and Analysis

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MIT Press, 2014 M05 9 - 306 páginas
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How the basic concepts of economics—including markets, institutions, and money—can be used to create and analyze economies based on virtual goods.

In the twenty-first-century digital world, virtual goods are sold for real money. Digital game players happily pay for avatars, power-ups, and other game items. But behind every virtual sale, there is a virtual economy, simple or complex. In this book, Vili Lehdonvirta and Edward Castronova introduce the basic concepts of economics into the game developer's and game designer's toolkits. Lehdonvirta and Castronova explain how the fundamentals of economics—markets, institutions, and money—can be used to create or analyze economies based on artificially scarce virtual goods. They focus on virtual economies in digital games, but also touch on serious digital currencies such as Bitcoin as well as virtual economies that emerge in social media around points, likes, and followers. The theoretical emphasis is on elementary microeconomic theory, with some discussion of behavioral economics, macroeconomics, sociology of consumption, and other social science theories relevant to economic behavior.

Topics include the rational choice model of economic decision making; information goods versus virtual goods; supply, demand, and market equilibrium; monopoly power; setting prices; and externalities. The book will enable developers and designers to create and maintain successful virtual economies, introduce social scientists and policy makers to the power of virtual economies, and provide a useful guide to economic fundamentals for students in other disciplines.

 

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Contenido

1 Introduction
1
2 Theories of Human Behavior
23
Material Digital Virtual
41
4 Supply and Demand
57
5 Regulating Markets
83
6 Market Power and Pricing
101
7 Methods of Exchange
121
8 Externalities and Secondary Market Trade
137
10 Money
177
11 Macroeconomic Design
197
12 Macroeconomic Management
215
13 Policymaking
247
14 Why the Real World Needs Virtual Economy Design
261
References
273
Index
281
Derechos de autor

9 Institutions and Nonmarket Allocation
155

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Acerca del autor (2014)

Vili Lehdonvirta is a Research Fellow at Oxford Internet Institute, University of Oxford.

Edward Castronova is Professor of Communications and Professor of Cognitive Science at Indiana University. He is the author of Synthetic Worlds: The Business and Culture of Online Games and Exodus to the Virtual World: How Online Fun Is Changing Reality.

Información bibliográfica