Designing Virtual Currency by Breaking (Almost) Every Rule in the Economics Textbook
by Vili Lehdonvirta, Economic sociologist, virtual economies and digital work at London School of Economics on Mar 08, 2012
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Presentation given at Game Developers Conference 2012 on 7 March. See the notes tab below for partial transcript. Abstract: ...
Presentation given at Game Developers Conference 2012 on 7 March. See the notes tab below for partial transcript. Abstract:
Many games today feature virtual money of some sort, whether a "hard currency" sold for real money or a "soft currency" earned through play. The question that this lecture answers is, how do you design money? Not how do players obtain money, nor how do they spend it - but how do you design the money itself. Economists have identified around a dozen attributes of a good money - the kind of money that makes an economy efficient. These attributes make a great guideline for designing serious digital currencies. But in game design, we don't always want things to be efficient - we might want them to be challenging and fun instead. In this lecture, we therefore turn the economists' advice on its head and come up with a guideline for designing "bad money"! Both historical and virtual examples are included.
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