In Fortnite, you learn how to trade and even how to deal with inflation, Ninja told us. “It is basically like budgeting. I guarantee you, there are younger players that are thinking the exact same thing, even though they don’t know it.”
The next Warren Buffett is probably sitting on a couch somewhere in the world right now, holding not stocks, bonds, or crypto — but a controller.
“That’s just a theory – a game theory,” as Matthew Patrick, one of my sons’ favorite Youtubers tells his 14 million subscribers at the end of each video. But I decided to put it to the test.There’s a quote sometimes attributed to Ted Turner, that “life is just a game. Money is how we keep score.
This should come as no surprise, Castronova, who has run experiments on prices in games, told me. “I have never seen anything in a video game that violates any known or accepted economic theory. Economic behavior in games is exactly like economic behavior in life,” he said.
But even in a first-person shooter like Fortnite, there is a lot of strategy in how to manage your gold and resources, Ninja said. “It is basically like budgeting. I guarantee you, there are younger players that are thinking the exact same thing, even though they don’t know it — like, ‘I only have enough to upgrade my shotgun once’ — they’re literally budgeting.”
Gamers prefer their virtual worlds to be meritocracies, Castronova said. “Designers have to strike a balance between equality of opportunity and equality of outcome. Everyone should start with the same amount. They care about the wage rate, the amount of stuff you can get per hour. What doesn’t bother them is equality of outcome.” That is, players with more skill or those who put in more time should be able to accumulate more advantages.
There are lessons for policymakers here about what makes a fair and equitable society, and also what could spark the next revolution, Castronova said. “Social science uses game-like models to analyze real situations. More generally, we can say that all games are models. Every game tries to model some aspect of reality. Chess is a model of war. Poker is a model of bargaining. Hockey is a model of a Canadian saloon brawl.
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