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สถาบันวิจัยเศรษฐกิจป๋วย อึ๊งภากรณ์
Puey Ungphakorn
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Call for Papers: PIER Research Workshop 2025
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Discussion Paperdp
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Year
2025
2024
2023
2022
...
31 March 2023
20231680220800000
No. 203

Capitalising the Network Externalities of New Land Supply in the Metaverse

Abstract

When land becomes more connected, its value can change because of network externalities. This idea is intuitive and appealing to developers and policymakers, but documenting their importance is empirically challenging because it is difficult to isolate the determinants of land value in practice. We address this challenge with real estate in The Sandbox, a virtual economy built on blockchain, which provides a series of natural experiments that can be used to estimate the causal impact of land-based of network externalities. Our results show that when new land becomes available, the network value of existing land increases, but there is a trade-off as new land also competes with existing supply. Our work illustrates the benefits of using virtual worlds to conduct policy experiments.

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JEL: G12G14R30
Tags: metaversenfthedonic land pricenetwork externalitiesnatural experiment
The views expressed in this workshop do not necessarily reflect the views of the Puey Ungphakorn Institute for Economic Research or the Bank of Thailand.
Kanis Saengchote
Kanis Saengchote
Chulalongkorn University
Voraprapa Nakavachara
Voraprapa Nakavachara
Chulalongkorn University
Yishuang Xu
Yishuang Xu

Puey Ungphakorn Institute for Economic Research

273 Samsen Rd, Phra Nakhon, Bangkok 10200

Phone: 0-2283-6066

Email: pier@bot.or.th

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