Virtual Economies (Hardcover)

Vili Lehdonvirta

ISBN 10: 0262027259 / ISBN 13: 9780262027250
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Hardcover. 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 .Shipping may be from multiple locations in the US or from the UK, depending on stock availability. 306 pages. 0.744. Bookseller Inventory #

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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.

About the Author: Vili Lehdonvirta is a Research Fellow at Oxford Internet Institute, University of Oxford.

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Title: Virtual Economies (Hardcover)
Publication Date: 2014
Binding: Hardcover
Book Condition: New

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Vili Lehdonvirta and Edward Castronova
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Book Description MIT, 2014. Rústica. Condition: Nuevo. Dust Jacket Condition: Nuevo. 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 developers and game designers 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. LIBRO. Seller Inventory # 498132

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