Virtual economies : design and analysis (Book, 2014) [WorldCat.org]
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Virtual economies : design and analysis
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Virtual economies : design and analysis

Author: Vili Lehdonvirta; Edward Castronova
Publisher: Cambridge, MA : MIT Press, [2014]
Series: Information policy series.
Edition/Format:   Print book : EnglishView all editions and formats
Summary:
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. This book introduces the basic concepts of economics into the game developer's and game designer's toolkits. This book explains how the fundamentals of economics, markets,  Read more...
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Details

Document Type: Book
All Authors / Contributors: Vili Lehdonvirta; Edward Castronova
ISBN: 9780262027250 0262027259 9780262535069 0262535068
OCLC Number: 861323036
Description: 294 pages ; 24 cm.
Contents: Series foreword --
Acknowledgements --
Introduction --
Theories of human behavior --
Goods : material, digital, virtual types of goods --
Supply and demand --
Regulating markets --
Market power and pricing --
Methods of exchange --
Externalities and secondary market trade --
Institutions and non-market allocation --
Money --
Macroeconomic design --
Macroeconomic management --
Policy making --
Why the real world needs virtual economy design --
Notes --
References --
Index.
Series Title: Information policy series.
Responsibility: Vili Lehdonvirta and Edward Castronova.

Abstract:

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. This book introduces the basic concepts of economics into the game developer's and game designer's toolkits. This book explains how the fundamentals of economics, markets, institutions, and money, can be used to create or analyze economies based on artificially scarce virtual goods. It focuses 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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