2011
DOI: 10.1007/s10799-011-0082-9
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Measuring virtual wealth in virtual worlds

Abstract: This article presents pioneering research on measuring virtual wealth in an open virtual world for diagnosing the health of virtual worlds. It proved the existence of an open virtual world by proving the existence of a free choice of virtual currencies for virtual goods between distinct virtual worlds. By discussing the features of open virtual world in a circled networked organization, the article devised a virtual wealth measuring scheme, called Gross Virtual Product (GVP), for any virtual world.Based on thi… Show more

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Cited by 25 publications
(13 citation statements)
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References 14 publications
(43 reference statements)
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“…Virtual markets enable transactions associated with virtual goods or specific digital entities, which in turn have the ability to satisfy a wide range of user needs (Mitham, 2009). It is important to note that in contrast with offline consumption, virtual world inhabitants have no physical needs to satisfy, and thus virtual products tend to have predominantly recreational value (Guo & Gong, 2011;Lehdonvirta, 2009;Welch, 2009;Castronova et al, 2009). Nonetheless, beyond their immediate impact over the respective local markets, virtual economies can be linked to offline economies, given that virtual currencies can be exchanged to real life currencies (Reynolds, Ishikawa & Macchiarella, 2010).…”
Section: Virtual Worlds and Second Lifementioning
confidence: 99%
“…Virtual markets enable transactions associated with virtual goods or specific digital entities, which in turn have the ability to satisfy a wide range of user needs (Mitham, 2009). It is important to note that in contrast with offline consumption, virtual world inhabitants have no physical needs to satisfy, and thus virtual products tend to have predominantly recreational value (Guo & Gong, 2011;Lehdonvirta, 2009;Welch, 2009;Castronova et al, 2009). Nonetheless, beyond their immediate impact over the respective local markets, virtual economies can be linked to offline economies, given that virtual currencies can be exchanged to real life currencies (Reynolds, Ishikawa & Macchiarella, 2010).…”
Section: Virtual Worlds and Second Lifementioning
confidence: 99%
“…A virtual community (VC) is a cyberspace supported by information technology (Tan et al , ; Xu et al ., ; Chaudhry et al ., ; Guo and Gong ; Cao et al ., ; Ren et al ., ). It relies on the communication and interaction of participants to generate specific domain knowledge.…”
Section: Introduction and Literature Reviewmentioning
confidence: 99%
“…E-business is one of the most exciting and challenging research areas [9,10,14]. Today, not only large companies, but also medium or small-sized companies are learning that e-business is a required component of doing business.…”
mentioning
confidence: 99%
“…9 [19]. These conferences plus workshops organized by IFIP and IEEE have provided an international forum for researchers in academia and industry to present their most recent findings in e-business engineering.…”
mentioning
confidence: 99%