![]() Artificial economic life: A simple model of a stockmarket. Putting auction theory to work: The simulteneous ascending auction. Positive feedback investment strategies and destabilizing rational speculation. In: Proceedings of the 2005 Conference on Future Play.ĭe Long, J. Virtual Economics: Applying Economics to the Study of Game Worlds. Journal of Economic Dynamics and Control, 25(3), 459–502. Evolving market structure: An ACE model of price dispersion and loyalty. ![]() Are perceptions of inflation rational? Some evidence for Sweden. Why has CEO pay increased so much? Quarterly Journal of Economics, 123(1), 49–100. ![]() ![]() How massive multiplayer online games incorporate principles of economics. An efficient dynamic auction for heterogeneous commodities. By matching the dynamics of the game economy we can thus easily verify that our behavioral assumptions are good approximations to reality.Īusubel, L. ![]() The advantage of our model is that it combines simplicity that is inherent to model economies with a similarly simple observable counterpart (namely the game environment where real agents interact). The basic framework presented in this paper is meant as a stepping stone to further research, where our evidence is used to deepen our understanding of the real-world counterparts of such problems. Our model reproduces a number of features known from the Diablo 3 economy such as a heterogeneous price development, driven almost exclusively by goods of high quality, a highly unequal wealth distribution and strongly decreasing economic mobility. In this paper we provide an agent framework inspired by the economic features of Diablo 3 and analyze the effect of monetary policy in the game. Solving economic problems through regular updates (patches) became as important to those games as traditional gameplay issues. Designers of MMOs such as Diablo 3 face economic problems much like policy makers in the real world, e.g. ![]()
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