{"product_id":"inflation-of-virtual-currencies-von-jiri-skuhrovec","title":"Inflation of Virtual Currencies","description":"\u003cp\u003eThis work is a a first serious attempt to analyse  working of virtual markets using tools of rigorous  economic analysis. On case study of World of Warcraft  game it first introduces the reader to basics of  Virtual Economies. It starts by examining price  formation of virtual goods, which is  traced back not only to the mechanics of game, but  also to gold farmers - considerable number of  (usually) Chinese players, who make their living  through sale of virtual items and currencies. Second  part then analyses development of RMT markets where  farmers sell virtual currencies for real cash.  Finally author examines inflation of virtual  currencies finding its key drivers inside of the  game,  but surprisingly also in EUR-CNY and USD-CNY exchange  rates. The part concludes with statistical evidence  confirming popular opinion that Blizzard (virtual  currency issuer) is the main cause of  Inflation in World of Warcraft. Last two theoretical  parts of the book are devoted to microeconomic  analysis of virtual currency issuer and user. These  two naturally result into description of environment  with multiple currencies, challenging traditional  Kyotaki \u0026amp; Wright stability framework.\u003c\/p\u003e\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783838360690\"\u003e\u003ch3\u003eEffect of Real Money Trade on Price Formation in World of Warcraft and other Virtual Economies\u003c\/h3\u003e\u003c\/div\u003e","brand":"Autorenwelt Shop","offers":[{"title":"Softcover - 9783838360690","offer_id":39498968236125,"sku":"9783838360690","price":49.0,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/e65e57db-81a2-45c1-834d-0dd424a52b6d.jpg?v=1776055970","url":"https:\/\/shop.autorenwelt.de\/products\/inflation-of-virtual-currencies-von-jiri-skuhrovec","provider":"Autorenwelt Shop","version":"1.0","type":"link"}