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Topic: Virtual economy

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	Russia's virtual economy
		Once the pretense of the virtual economy is removed, the planned budget (total spending based on expected tax revenues) is only half as large as it appeared to be.
		These sorts of activities are good for the virtual economy in that they reduce the minimum amount of cash that has to be supplied to households from within the system.
		Depending on the form of payment used, output in the virtual economy is overpriced by a factor of two or three (for barter transactions) and up to five (for sales made against promissory notes).
	www.uh.edu /~vlazarev/4389/VirtEcon.htm (4745 words)

	CTheory.net
		Virtual economy is seductive because it "grows" wired culture like a wildly mutating cancerous tumor: a crash-site that moves from the world of highly differentiated cellular (economic) organization to an undifferentiated (tele-)organic mass.
		Virtualized economy is an economy of disappearances: the disappearance of the main factors of capitalist production (labor and products most of all), and the disappearance of the key relations of production (the class system of classical capitalism).
		Crash capitalism is the desired-object haunting the imagination of virtualized flesh: in that impossible reversal between primitive direct-action and windowed data exchanges, between abuse value and virtualized exchange, is to be found the driving momentum of virtual economy as disappearance.
	www.ctheory.net /articles.aspx?id=49 (5500 words)

	Sell Virtual Products in Online Games - Entrepreneur.com
		Virtual games and worlds are spawning virtual economies.
		When it comes to the gee-whiz worlds of game and virtual economies, there's a temptation to climb the mountain just because it's there.
		He helms a team of 20 employees that builds virtual 3-D experiences focused on the open-ended virtual world of Second Life.
	www.entrepreneur.com /startingabusiness/businessideas/article170750.html (774 words)

	The Virtual Economy and Economic Recovery in Russia (Site not responding. Last check: 2007-10-15)
		Barter is not the essence of the virtual economy.
		The essence of the virtual economy is the transfer of value from value-producing sectors—primarily, but not exclusively, energy and raw materials—to value-destroying sectors.
		The depreciation of the ruble increases the size of the export-oriented part of Russia's economy (which is predominantly value adding and cash based) in ruble terms relative to the dinosaur part of the economy (which is largely value subtracting and noncash based).
	www.brookings.edu /views/articles/gaddy/virtual_2001.htm (2961 words)

	Russia's Virtual Economy (Site not responding. Last check: 2007-10-15)
		Circulated at the highest levels of the Russian and U.S. governments and reported in leading publications worldwide, their thesis--that Russia's economy is based on illusion or pretense about nearly every important economic yardstick, including prices, sales, wages and budgets--has forced broad recognition of the inadequacies of the intended market reform policies in Russia.
		Gaddy and Ickes now use the virtual economy concept to project the near- and middle-term future of the Russian economy and suggest possible policy responses.
		Drawing on new empirical material from published and unpublished sources and from their own extensive field work in Russia, the authors examine critical aspects of the virtual economy: manufacturing enterprises, households and the public sectors, both local and federal.
	www.brookings.edu /press/books/russiasvirtualeconomy.htm (475 words)

	Russia's Virtual Economy
		An economy is emerging where prices are charged which no one pays in cash; where no one pays anything on time; where huge mutual debts are created that also can't be paid off in reasonable periods of time; where wages are declared and not paid; and so on.
		The virtual economy originated in the largely unreformed industrial sector inherited from the Soviet Union.
		The relationship between the noncash virtual economy and the cash-based market economy is a curious one.
	www.uta.fi /laitokset/isss/bukhvalov/gaddy.htm (4879 words)

	4.1 Case study 1: The Virtual Economy (Economics Network)
		The model of the UK economy at the heart of this package is similar to that used by the Treasury and the Bank of England to model the effects of policy changes.
		The Virtual Economy was used as the basis for an assignment given to 900 first-year undergraduates at the University of the West of England.
		The author's current work in progress suggests that students who were familiar with the operation of the macro economy prior to running the Virtual Economy model felt that the module had helped deepen their understanding of the economy and its operation and performance.
	www.economics.ltsn.ac.uk /handbook/games/41.htm (2123 words)

	Liceo Cubano - Cuban Virtual Community: Economy
		Responsibility for running the economy and for economic policy rests with the Council of State, although the government has devolved some authority to ministries and enterprises in recent years.
		The major sectors of the Cuban economy are tourism, nickel mining, and agriculture, especially sugar and tobacco.
		Sugar, long the mainstay of the Cuban economy, was surpassed by tourism in the late 1990s as the main source of foreign exchange.
	www.liceocubano.com /Eng/Secciones/Economy.asp (1599 words)

	Virtual Economy Home Page
		Due to essential maintenance it is possible that the models associated with the Virtual Economy will not be available during the weekend of the 9th - 10th November.
		At the heart of the Virtual Economy are sophisticated computer models which are very similar to those the Chancellor and his advisers use to prepare the Budget and to keep the economy on track.
		There are further details available of the development of the Virtual Economy and the groups involved in its preparation.
	www.bized.co.uk /virtual/economy (347 words)

	Terra Nova: Virtual World Economy: It's Namibia, Basically.
		In other words, the virtual economy would be roughly equivalent to the economy of Namibia or Macedonia, in terms of its overall role and position in the real global economy.
		You have to consider platinum pieces as virtual property that can be bought and sold, you have to overcome peer pressure telling you that trading virtual property is dishonest, and you have to have a certain amount of trust in your trading partner (as it is well known that these contracts are not enforceable).
		In this same way, the economy in a VW with 20k members might very well be creating as much wealth as an economy in a VW with 100k members, and if we only measured Work, we might think that the second is healthier due to its size.
	terranova.blogs.com /terra_nova/2004/08/virtual_world_e.html (8296 words)

	The Virtual Economy and Economic Recovery in Russia by Clifford G
		Imagine an economy (which we call a "pre-August" economy) that appears in terms of the recorded value of output or sales to be half barter and half monetized.
		The point of this exercise is to underscore that barter is not the essence of the virtual economy.
		The essence of the virtual economy is enterprise behavior that exploits what we have called relational capital to protect and maintain value-destroying activity—soft goods production.
	www.worldbank.org /html/prddr/trans/febmarch2001/pgs1and15-20.htm (3819 words)

	The New New Economy: Earning Real Money in the Virtual World - Knowledge@Wharton
		However, these economies are becoming increasingly important, says Wharton legal studies professor Dan Hunter, adding that they could redefine the concept of work, help test economic theories and contribute to the gross domestic product in the United States.
		Another is Edward Castronova, a professor at Indiana University, who has written a series of papers examining the virtual economy which he estimates at somewhere between $200 million to $1 billion.
		In general, virtual economies are supported by assets collected during a game -- such as the power to slay a dragon -- that are then sold on the Internet for real dollars to other players looking for a competitive edge.
	knowledge.wharton.upenn.edu /article/1302.cfm (2728 words)

	Russia's Virtual Economy Eastern Economic Journal - Find Articles (Site not responding. Last check: 2007-10-15)
		Gaddy and Ickes highlight the role that relational capital (personal links between enterprise managers and politicians that oils the wheels of the virtual economy) has on the survival prospects of negative value-added (NVA) enterprises-those enterprises whose output at current prices is less than the value (also at current prices) of their inputs.
		In a virtual economy, firms that create value added assist NVA firms in order to ensure their survival.
		Gaddy and Ickes' model of the virtual economy is clear and intuitive, and it will be a valuable source for understanding the continuing evolution of the virtual economy.
	www.findarticles.com /p/articles/mi_qa3620/is_200407/ai_n9452298 (856 words)

	Virtual Economy Research Network \| News, research and discussion on real-money trade of virtual property globally.
		The appointment of this "Alan Greenspan of the virtual economy" was announced this Tuesday.
		On Battle.net, an economy came to existence where players can trade items for other items or runes, which are widely used as the currency.
		For a long time, this economy remained fairly stable, although the price of items in runes continued to grow because of a large number of runes created by cheating.
	virtual-economy.org (1449 words)

	TechnoLlama: Enter the virtual economy
		Online auction sites are filled with the sale of virtual items that are only available to players that have put a lot of time and effort in obtaining them.
		These cost money, and there is a real-life economy of virtual goods and characters.
		According to Terra Nova, the virtual economy is worth between $4 billion and $7 billion USD, equivalent to the economy of Namibia or Jamaica, depending on which figure you take.
	technollama.blogspot.com /2005/04/enter-virtual-economy.html (401 words)

	Habitat Chronicles: KidTrade: A Design for an eBay-resistant Virtual Economy
		There are other virtual market designs that do not have these same properties, and may be suited better to your property, especially if externalizing virtual object markets will be harmful to the health and/or profitability of your product.
		Basically your economy comes down to a distributed sorting problem where you are trying to give each item to every player but you hand out the pieces randomly over time and let the players sort it out.
		Virtual worlds do not suffer from scarcity in the same ways as physical goods and any attempt to create artificial scarcity can be gamed for financial gain.
	www.fudco.com /habitat/archives/000023.html (14483 words)

	BBC NEWS \| Technology \| Cash card taps virtual game funds
		Last year, a virtual space resort being built in the game was snapped up by a gamer for $100,000 (£56,200).
		In Entropia, these avatars, as they are known, play out their virtual lives in a planet called Calypso that has two continents with large expanding cities.
		For example a gamer may choose to be a hunter who traps virtual animals for their furs.
	news.bbc.co.uk /2/hi/technology/4953620.stm (677 words)

	Slashdot \| Selling Virtual Gold for Fun and Profit
		Virtual or not they are paying for effort and not necessarily the item they are receiving.
		They don't belong together, and their economies are not supposed to be connected in any way other than the basic game fees one pays as a client.
		There may be other valid arguments for ownership of virtual property by the player rather than the game proprietor (though most of these are easily defeated when you click "accept" on the EULA screen), but having a name-tagged item isn't one of them.
	games.slashdot.org /games/05/08/08/205243.shtml?tid=209 (3779 words)

	Economic system - Wikipedia, the free encyclopedia
		There is often a strong correlation between certain ideologies, political systems and certain economic systems (for example, consider the meanings of the term "communism").
		Many economic systems overlap each other in various areas (for example, the term "mixed economy" can be argued to include elements from various systems).
		Planned economy (the basis for several "left-wing" systems, such as socialism).
	en.wikipedia.org /wiki/Economic_system (466 words)

	3D Gamers Community Forums - The amazing virtual economy
		According to Castronova's survey of players, the average gamer is a man in his 20s, with a full-time job and disposable income.
		The average time spent within the virtual worlds is 20 hours per week, he said, adding that 20 percent of the EverQuest gamers he surveyed declared, "I live in Norrath but I travel outside of it regularly."
		Virtual merchants selling virtual boots and hats, along with weapons and armor.
	forums.3dgamers.com /showthread.php?t=7054 (794 words)

	Virtual Economy (Site not responding. Last check: 2007-10-15)
		The Virtual Economy model has been developed by the Institute for Fiscal Studies in co-operation with the ESRC Macroeconomic Modelling Bureau.
		The model is a sophisticated online model of the economy that enables users to make a variety of changes and see their effects at both a macro and micro-level.
		Virtual Economy is a joint project between the IFS, biz/ed and the ESRC Macroeconomic Modelling Bureau at the University of Warwick, funded by the Nuffield Foundation
	www.warwick.ac.uk /fac/soc/Economics/MMB/virtual.html (203 words)

	BBC News \| SCI/TECH \| Virtual kingdom richer than Bulgaria
		Online gaming has attracted millions of players and their rise in popularity in recent years is mainly down to improved graphics and more players to interact with.
		Research carried out in the United States shows that virtual internal markets, combined with illegal online trading on auction websites, mean that Norrath has a gross national product per capita of $2,266, bigger than China and India.
		Many computer games designers predict that as computer processing powers improve virtual economies will play a bigger part in the real world stakes.
	news.bbc.co.uk /1/hi/sci/tech/1899420.stm (637 words)

	Amazon.com: Russia's Virtual Economy: Books: Clifford G. Gaddy,Barry William Ickes (Site not responding. Last check: 2007-10-15)
		Gaddy and Ickes now use the virtual economy concept to project the near–and middle–term future of the Russian economy and suggest possible policy responses.
		Neither of these explanations is sufficient to capture the difficulties of implementing a market economy within an economic structure bequeathed by central planning, according to Clifford G. Gaddy and Barry W. Ickes.
		By developing a method by which Russia's virtual economy can be analyzed, Gaddy and Ickes seek to restore a sense of logic and consistency to our understanding of the Russian economy and to provide a framework for thinking about the future.
	www.amazon.com /Russias-Virtual-Economy-Clifford-Gaddy/dp/0815731116 (1367 words)

	Virtual Bangladesh : Economy
		As early as the thirteenth century, the region was developing as an agrarian economy.
		The partition of British India and the emergence of India and Pakistan in 1947 severely disrupted the former colonial economic system that had preserved East Bengal (now East Pakistan) as a producer of jute and rice for the urban industrial economy around Calcutta.
		East Pakistan had to build a new industrial base and modernize agriculture in the midst of a population explosion.
	www.virtualbangladesh.com /economy (363 words)

	BlackSnow Interactive: the documents \| Virtual Economy Research Network
		Among other things, they released a very interesting instant messaging log that was verified to be a conversation between Funcom's lead database administrator and a BSI director.
		From VERN, through Terra Nova. Virtual Economy Research Network has published Unknownplayer.com’s original documentation on the case where BSI sued Mythic Entertainment over the right to sell in-game items from Mythic’s game Dark Age of C...
		The Virtual Economy Reseach Network has pulled together a good bit of reference information on the case between BlackSnow Interactive and Mythic Entertainment's Dark Age of Camelot (now owned by Electronic Arts).
	virtual-economy.org /blog/blacksnow_interactive_the_docu (1068 words)

	Introducing The Virtual Economy (CHEER v13 n1)
		We wanted the Virtual Economy to be a site that was easy and intuitive to navigate around and so with the help of the User Interface Designer (Jan Chipchase) we came up with the idea of basing the site (very loosely) around Number 11 Downing Street.
		The economic model used in Virtual Economy is based on the public release of the Treasury model.
		Effectively the complex equations of the Treasury model are rewritten in a form that no longer describes the linkages as they appear in the actual economy but in a manner which lends itself to a quick solution.
	www.economics.ltsn.ac.uk /cheer/ch13_1/ch13_1p32.htm (2172 words)

	SSRN-Virtual Worlds: A First-Hand Account of Market and Society on the Cyberian Frontier by Edward Castronova
		The economy is characterized by extreme inequality, yet life there is quite attractive to many.
		Norrath is a virtual world that exists entirely on 40 computers in San Diego.
		Unlike many internet ventures, virtual worlds are making money -- with annual revenues expected to top USD 1.5 billion by 2004 -- and if network effects are as powerful here as they have been with other internet innovations, virtual worlds may soon become the primary venue for all online activity.
	papers.ssrn.com /sol3/papers.cfm?abstract_id=294828 (379 words)

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