1. MMOs are fantastic for this, especially GW2. There is nothing I can think of in the game that players can’t decide to enter into the market for because everything in the game you can just go get, there’s no stopping you.
Since the nov 15th patch, my account and the accounts of many, but not all, friends have been consistently receiving horrific drop rates from everything. (and I don’t even actively ‘farm’, I just try to play how I want)
The general consensus of the community is you cannot personally go out and enter the market as a supplier of anything due to DR mechanics.
2. There is imperfect information, but there is significantly less imperfect information than the real world.
Absolutely, This particular aspect does favor on GW2’s side vs the mess that is market research.
3. This isn’t unique to MMOs or the real world, neither are the actions associated with it. It’s possible I’m missing the point on this one.
Elasticity of demand in goods generally stems from divergent buyer motivations and from the capacity to substitute.
If you like the general “high tech clean white” look in your smartphones, you can get a galaxy series, an iphone, or certain razr series.
If you want a “flaming sword” look, you either multibox an ele or you have one choice: volcanus
This ties into point 4:
4. For this I would argue the opposite. MMOs are notorious for substitute goods. Especially when it comes to stats, I can change rarity, type, order of stats in a myriad of combinations with less than a 1% change in my total effectiveness. Switching to corn syrup causes significantly more than a 1% change in a product.
There are two points here, the impact of stats and the ability to substitute goods, but the counterpoint you are trying to make here is pointed at finished goods rather than ingredients.
There are answers for each of these:
First, there are plenty of substitutes for stats, but the point driven home with the nearly horizontal gear differential as that the real progression in this game is in building your character’s signature “look”.
Almost everything with a truly unique and striking look in this game is tied to a certain subset of lodestone types, which have rocketed into the stratosphere.
If people could substitute crystal lodestones for charged, it would be an example of the ingredient substitution I mentioned allowing more efficient production methods and lower prices to end consumers.
In keeping with my point about divergent consumer motivations, even if substitution were not put into crafting(150 of x or y or z), you could simply re-split the lodestone differential on these recipes to better distribute the popularity and close the massive price differential. From there the price could be targeted evenly.
In time, with enough different models with sufficient visual “pop”, the price of any individual skin like this will reduce, which will help with weapons like foefire’s essence, so long as lodestones can be kept stable and at target prices that are sane.
My Point Here, which is probably lost to all but the most attentive of readers:
At the end of the day, My target here is the assumption that anything resulting from “the free market” is, by nature of participation, “Just”. The problem is, in the majority of cases, there are spoilers to the “perfect market” and “free market” hypotheses, and then there’s the simple fact that economics itself is a tool to shape markets for outcomes we desire. It really ticks me off when people make that assertion of justice and act as apologists for human misery which can be alleviated with properly targeted intervention.
Imagine if the makers of the hindenberg did this: “It blew up, it’s made of hydrogen, yeah it’ll do that”. You could.. you know.. apply the science of chemistry.. fill it with helium instead to stop that from happening.
At the end of the day, the argument over the availability of these goods is a subjective one.
I and many others in this game do not find it “fun” that, thanks to lodestone prices being out of whack, the vast majority of exotics that are “visually striking” are mat-priced well above precursors and even approaching the sell price of legendaries, and other players calling us “entitled” for wanting to see an end in sight for acquiring one weapon skin out of a set of several which will be used on a given toon is also not helpful.
(edited by plasmacutter.2709)