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RuneScape - Digging The Virtual Economy
Inquisitor911 writes "One of the things that is peculiar about MMORPGs are the constantly changing virtual markets. For example, look at RuneScape's Economic Fluctuations
after the release of skills allowing players to build in-game houses." From the post: "The initial frenzy started with realtors. Once the announcement about the housing update was made, members flocked to purchase houses (placed in a magical portal, so they don't clutter up the landscape) and then flocked to build. A market sprang up within minutes that catered to those too busy, too intent, or too high-level to bother gathering up resources. Planks, nails, clay, rock, tiles, and more suddenly began to command exceptional prices. Clay went from 10 gold pieces to 1000 gold pieces within minutes. Right now it is hovering between a low of 600 or 700 gold pieces for dry clay to about 1000 gold pieces for wet clay, but the price is fluctuating downwards as the initial demand levels off and more suppliers get in on the action. I expect it will peak again on the weekend as more players become aware of the new function."
There's actually a website dedicated to this in Everquest - www.eqecon.com
It'd be interesting to see economic indicators such as inflation, GDP, and CPI computed for a virtual economy like just to see what sort of things come up in this type of environment. Or to see market analysis techniques applied to the prices of in-game items:
There actually is a group dedicated to doing that in World of Warcraft, but their research isn't open to the public.
I think Runescape is mostly popular because every kid with
an internet connection can enter it. You don't have to
install additional software and you can play the free version
for an unlimited time. Even the commercial version is cheap
by comparison ($5).
The majority of Runescape players are teenagers.