Virtual Economies

In my first post, I mentioned the analysis of virtual economies as a possible subject for a group project. Today, I found this post at 26econ.com which references an article in Scientific American on Eyjólfur Guðmundsson, whom they call "the first virtual-world economist".

All the major virtual economies have different operating rules. Some allow real-world trading, others are entirely self-enclosed and have no real-world interaction. Some work with a free market economy, others are highly regulated. The most interesting aspect for study is what we can learn from the virtual economies and apply to the real world. Although some economists, like Tyler Cowen, doubt whether there is anything we can apply, Guðmundsson himself views the virtual economy as another computer simulation that economists already regularly use.

If you're interested in this as a group project, I hope these links will be of some help.