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      PTW International Announces Orange Rock Studios, Their Product and Game Development Arm

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      SEGA Announces Official Sonic the Hedgehog Movie Line of Products for All Ages

      Nintendo News: Tetris® 99 Hard Drops a Free Update With Team Battle Mode and Additional Features in Lead-up to 10th MAXIMUS CUP

      Nintendo News: Tetris® 99 Hard Drops a Free Update With Team Battle Mode and Additional Features in Lead-up to 10th MAXIMUS CUP

      Dauntless Launches Today On Nintendo Switch

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        OUTBUDDIES review: the Doctor’s Assessment

        OUTBUDDIES review: the Doctor’s Assessment

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        Headsnatchers Review – the Doctor’s Assessment

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        CHIKARA: Action Arcade Wrestling Review – the Doctor’s Assessment

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        Children of Morta Review – The Doctor’s Assessment

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        Icewind Dale Enhanced Edition Review: The Doctor’s Assessment

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        Planescape: Torment Enhanced Edition on Switch Review

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        OUTBUDDIES review: the Doctor’s Assessment

        OUTBUDDIES review: the Doctor’s Assessment

        Morels: The Hunt review – the Doctor’s Assessment

        Morels: The Hunt review – the Doctor’s Assessment

        Headsnatchers Review – the Doctor’s Assessment

        Headsnatchers Review – the Doctor’s Assessment

        The Overwatch League: The Good, The Bad, and The Ugly

        The Overwatch League: The Good, The Bad, and The Ugly

        CHIKARA: Action Arcade Wrestling Review – the Doctor’s Assessment

        CHIKARA: Action Arcade Wrestling Review – the Doctor’s Assessment

        Children of Morta Review – The Doctor’s Assessment

        Children of Morta Review – The Doctor’s Assessment

        Indivisible Review: The Doctor’s Assessment

        Indivisible Review: The Doctor’s Assessment

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        OUTBUDDIES review: the Doctor’s Assessment

        OUTBUDDIES review: the Doctor’s Assessment

        Headsnatchers Review – the Doctor’s Assessment

        Headsnatchers Review – the Doctor’s Assessment

        The Overwatch League: The Good, The Bad, and The Ugly

        The Overwatch League: The Good, The Bad, and The Ugly

        Children of Morta Review – The Doctor’s Assessment

        Children of Morta Review – The Doctor’s Assessment

        Indivisible Review: The Doctor’s Assessment

        Indivisible Review: The Doctor’s Assessment

        “Hearthstone” Deserters Can Seek Refuge in These Alternatives

        “Hearthstone” Deserters Can Seek Refuge in These Alternatives

        Valfaris Review: The Doctor’s Assessment

        Valfaris Review: The Doctor’s Assessment

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        OUTBUDDIES review: the Doctor’s Assessment

        Headsnatchers Review – the Doctor’s Assessment

        Headsnatchers Review – the Doctor’s Assessment

        Children of Morta Review – The Doctor’s Assessment

        Children of Morta Review – The Doctor’s Assessment

        Planescape: Torment Enhanced Edition on Switch Review

        Planescape: Torment Enhanced Edition on Switch Review

        Breath of the Wild 2: All We Know So Far

        Breath of the Wild 2: All We Know So Far

        Indivisible Review: The Doctor’s Assessment

        Indivisible Review: The Doctor’s Assessment

        “Hearthstone” Deserters Can Seek Refuge in These Alternatives

        “Hearthstone” Deserters Can Seek Refuge in These Alternatives

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        OUTBUDDIES review: the Doctor’s Assessment

        OUTBUDDIES review: the Doctor’s Assessment

        The Overwatch League: The Good, The Bad, and The Ugly

        The Overwatch League: The Good, The Bad, and The Ugly

        Children of Morta Review – The Doctor’s Assessment

        Children of Morta Review – The Doctor’s Assessment

        Indivisible Review: The Doctor’s Assessment

        Indivisible Review: The Doctor’s Assessment

        “Hearthstone” Deserters Can Seek Refuge in These Alternatives

        “Hearthstone” Deserters Can Seek Refuge in These Alternatives

        Valfaris Review: The Doctor’s Assessment

        Valfaris Review: The Doctor’s Assessment

        Destiny 2 New Light: What You’re Getting With the Free-to-Play Release

        Destiny 2 New Light: What You’re Getting With the Free-to-Play Release

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        The Overwatch League: The Good, The Bad, and The Ugly

        The Overwatch League: The Good, The Bad, and The Ugly

        Breath of the Wild 2: All We Know So Far

        Breath of the Wild 2: All We Know So Far

        “Hearthstone” Deserters Can Seek Refuge in These Alternatives

        “Hearthstone” Deserters Can Seek Refuge in These Alternatives

        Saying Goodbye to Blizzard

        Saying Goodbye to Blizzard

        Outer Wilds and Kind Words: Painful Description to Shaky Prescription

        Outer Wilds and Kind Words: Painful Description to Shaky Prescription

        top 5 alien video games

        Top 5 Alien Influenced Video Games of All Time

        best mmorpgs not wow

        Best MMORPGs That Are Not World of Warcraft

        retro game collection

        How to Start a Retro Game Collection and Not Go Entirely Broke

        top esports players of all time

        Top 5 Esports Players of All Time: The Will to Win

        Trending Tags

        • News
          Bravely Default II Coming Exclusively to Nintendo Switch in 2020

          Bravely Default II Coming Exclusively to Nintendo Switch in 2020

          Fast & Furious Crossroads Speeds Onto PlayStation 4, Xbox One and PC in May 2020

          Fast & Furious Crossroads Speeds Onto PlayStation 4, Xbox One and PC in May 2020

          Telltale Confirms The Wolf Among Us 2

          Telltale Confirms The Wolf Among Us 2

          PLAYERUNKNOWN Announces New Game, prologue

          PLAYERUNKNOWN Announces New Game, prologue

          APARTMENT HOTEL MIMARU, an In-city Hotel for Families Visiting Japan, Introduces Pokémon Rooms on December 24

          PTW International Announces Orange Rock Studios, Their Product and Game Development Arm

          PTW International Announces Orange Rock Studios, Their Product and Game Development Arm

          SEGA Announces Official Sonic the Hedgehog Movie Line of Products for All Ages

          SEGA Announces Official Sonic the Hedgehog Movie Line of Products for All Ages

          Nintendo News: Tetris® 99 Hard Drops a Free Update With Team Battle Mode and Additional Features in Lead-up to 10th MAXIMUS CUP

          Nintendo News: Tetris® 99 Hard Drops a Free Update With Team Battle Mode and Additional Features in Lead-up to 10th MAXIMUS CUP

          Dauntless Launches Today On Nintendo Switch

          Dauntless Launches Today On Nintendo Switch

          Trending Tags

          • Reviews
            OUTBUDDIES review: the Doctor’s Assessment

            OUTBUDDIES review: the Doctor’s Assessment

            Morels: The Hunt review – the Doctor’s Assessment

            Morels: The Hunt review – the Doctor’s Assessment

            Headsnatchers Review – the Doctor’s Assessment

            Headsnatchers Review – the Doctor’s Assessment

            CHIKARA: Action Arcade Wrestling Review – the Doctor’s Assessment

            CHIKARA: Action Arcade Wrestling Review – the Doctor’s Assessment

            Children of Morta Review – The Doctor’s Assessment

            Children of Morta Review – The Doctor’s Assessment

            Icewind Dale Enhanced Edition Review: The Doctor’s Assessment

            Icewind Dale Enhanced Edition Review: The Doctor’s Assessment

            Planescape: Torment Enhanced Edition on Switch Review

            Planescape: Torment Enhanced Edition on Switch Review

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            OUTBUDDIES review: the Doctor’s Assessment

            OUTBUDDIES review: the Doctor’s Assessment

            Morels: The Hunt review – the Doctor’s Assessment

            Morels: The Hunt review – the Doctor’s Assessment

            Headsnatchers Review – the Doctor’s Assessment

            Headsnatchers Review – the Doctor’s Assessment

            The Overwatch League: The Good, The Bad, and The Ugly

            The Overwatch League: The Good, The Bad, and The Ugly

            CHIKARA: Action Arcade Wrestling Review – the Doctor’s Assessment

            CHIKARA: Action Arcade Wrestling Review – the Doctor’s Assessment

            Children of Morta Review – The Doctor’s Assessment

            Children of Morta Review – The Doctor’s Assessment

            Indivisible Review: The Doctor’s Assessment

            Indivisible Review: The Doctor’s Assessment

          • PS4
            OUTBUDDIES review: the Doctor’s Assessment

            OUTBUDDIES review: the Doctor’s Assessment

            Headsnatchers Review – the Doctor’s Assessment

            Headsnatchers Review – the Doctor’s Assessment

            The Overwatch League: The Good, The Bad, and The Ugly

            The Overwatch League: The Good, The Bad, and The Ugly

            Children of Morta Review – The Doctor’s Assessment

            Children of Morta Review – The Doctor’s Assessment

            Indivisible Review: The Doctor’s Assessment

            Indivisible Review: The Doctor’s Assessment

            “Hearthstone” Deserters Can Seek Refuge in These Alternatives

            “Hearthstone” Deserters Can Seek Refuge in These Alternatives

            Valfaris Review: The Doctor’s Assessment

            Valfaris Review: The Doctor’s Assessment

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            OUTBUDDIES review: the Doctor’s Assessment

            OUTBUDDIES review: the Doctor’s Assessment

            Headsnatchers Review – the Doctor’s Assessment

            Headsnatchers Review – the Doctor’s Assessment

            Children of Morta Review – The Doctor’s Assessment

            Children of Morta Review – The Doctor’s Assessment

            Planescape: Torment Enhanced Edition on Switch Review

            Planescape: Torment Enhanced Edition on Switch Review

            Breath of the Wild 2: All We Know So Far

            Breath of the Wild 2: All We Know So Far

            Indivisible Review: The Doctor’s Assessment

            Indivisible Review: The Doctor’s Assessment

            “Hearthstone” Deserters Can Seek Refuge in These Alternatives

            “Hearthstone” Deserters Can Seek Refuge in These Alternatives

          • Xbox One
            OUTBUDDIES review: the Doctor’s Assessment

            OUTBUDDIES review: the Doctor’s Assessment

            The Overwatch League: The Good, The Bad, and The Ugly

            The Overwatch League: The Good, The Bad, and The Ugly

            Children of Morta Review – The Doctor’s Assessment

            Children of Morta Review – The Doctor’s Assessment

            Indivisible Review: The Doctor’s Assessment

            Indivisible Review: The Doctor’s Assessment

            “Hearthstone” Deserters Can Seek Refuge in These Alternatives

            “Hearthstone” Deserters Can Seek Refuge in These Alternatives

            Valfaris Review: The Doctor’s Assessment

            Valfaris Review: The Doctor’s Assessment

            Destiny 2 New Light: What You’re Getting With the Free-to-Play Release

            Destiny 2 New Light: What You’re Getting With the Free-to-Play Release

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          The Academic and Financial Utility of Virtual Economies

          Alex McGowen by Alex McGowen
          May 1, 2019
          in PC, PS4, Switch, Xbox One
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          In 2015, The Pew Research Center found that 24% of American adults think that most video games are a waste of time. Clearly, they’re not geeky enough to have read about the real world impacts of games like EVE Online, World of Warcraft, or Team Fortress 2.

          EVE is usually the game that comes up first when economists discuss virtual economies. What you do is pilot spaceships, mine ore, and fight in what is probably the most laissez faire economy in history. As a sandbox, EVE allows you to start or join corporations that manage activities such as mining, hauling, exploring, playing the markets or even building items and ships. Or you could become a pirate and steal from said corporations. For a full list of what you can do in-game, see this infographic.

          The in-game economy of EVE requires monitoring (there’s tons of data, so much that the company has released 50-page quarterly reports in the past) and even regulation to prevent collapse, which is definitely possible (see Runescape’s Economic Crash of 2003). One major aspect of controlling this economy is controlling inflation of the currency. The folks over at Extra Credits have a very interesting video on how designers do this which you can watch here.

          So what value is there here? Well, if you were to trade the virtual goods in real dollars, you could be out as much as $8,000 for some of the rarer ships in EVE. And the developer, CCP, also allow you to purchase something called “PLEX”. PLEX is essentially a super-currency, which you can use to purchase game time (the best version of EVE is not free, it’s a subscription). You can buy PLEX with dollars, or – for those who have enough – ISK (the in-game currency).

          The most famous MMORPG, World of Warcraft, has recently delved into virtual and actual economic crossover with WoW Tokens, a product similar enough to EVE’s PLEX. Like PLEX, Wow Tokens can be used to purchase game-time, sold for immediate gold, or traded in-game. You can invest in one when the price is low, and sell when the market jumps.

          Team Fortress 2 is another classic virtual economy, and one that got away from the developers. So Valve hired Greek economist Yanis Varoufakis to help them fix that. Not only was he able to do so, but he has used this virtual economy to reinforce academic theories of economics. My favorite example is the natural evolution of a barter economy to one with a single currency. I recommend reading his blog post about it, arbitrage and equilibrium here.

          As you can see, these are highly complex digital economic landscapes. And in order to provide high quality service to their customers, developers have hired academic experts to help monitor and control these markets (which has helped academic economics overall). And, over time, consumers have attributed so much value to MMORPG items that they now have a real-world dollar amount.

          This article was published for Doctors of Gaming at the permission of the original author.

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