Opportunity Cost: An eRep Lesson in Economics
Day 964, 20:48
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Published in USA 
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by
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by DMV3
Economics is the study of the relationship between scarce resources and unlimited wants, the scarce resource I plan on discussing today is time.
Time in eRepublik, as it is in the real world, has become scarce with the introduction of the time management module. This scarcity of time has lead to what is known as opportunity cost. Opportunity cost is the cost of the next best choice available to a person, or firm who has to choose between two or more mutually exclusive choices.
An example:
Three women ask you out, but you can only go with one. For illistration purposes we'll say one is a blonde, one a brunette, and the other a red head; and for these purposes we'll say you chose the red head. What is your opportunity cost? Most people would say the other two women, but unless they're interested in a threeway "date" you'd be wrong.
Obviously you chose wisely, and your opportunity cost in this case is the blonde.
"Why the is the blonde the opportunity cost?' you ask.
You could just take my word for it!
Seriously, the opportunity cost is the blonde.
Okay, if you really want to see the brunnette, I guess you deserve it.
Now that you understand the concept of opportunity cost, I'll explain how it relates to the new time management module. V1 allowed a player to have the same opportunities as every other player in the world, V2 however makes a player have to choose or specialize in what aspect of the game they find important.
Many players who have been around awhile have left the game as a result of these changes, but I believe they actually make the new version more interesting because your choices now effect your development and path in the this game.
New Reality: You can't be the best at everything! Get over it and move on.
You want to be in the military? Use the majority of your time training.
You want to make money now? Spend the majority of your time working.
You want to make more money in the future? Spend as much time as possible in the library.
Or you can choose a mixture of these three things. Just don't forget about the opportunity cost of doing so. Your next best choice may be your neighbor's best choice, but that all part of the new experience, choosing your own way in this new world.
How can the eUS take advantage of this?
We need to educate our new players to this reality and encourage them to pick their path early. If they want to fight get them signed up in the military early and encourage them to specialize in training, but the vast majority of our new players should be encouraged to specialize in the economic side of this game because that is how we will win this game. Growing our economy will give us a huge long term advantage over our enemies, because greater economic output will mean more damage long term.
While long term planning may not be as exciting as invading Russia without any plans for victory, it is what will be necessary to win in this new game.
My next article will be a time management guide for new players. Hope you enjoyed this, and hopefully those of you who took the time to read it actually learned something.
Time in eRepublik, as it is in the real world, has become scarce with the introduction of the time management module. This scarcity of time has lead to what is known as opportunity cost. Opportunity cost is the cost of the next best choice available to a person, or firm who has to choose between two or more mutually exclusive choices.
An example:
Three women ask you out, but you can only go with one. For illistration purposes we'll say one is a blonde, one a brunette, and the other a red head; and for these purposes we'll say you chose the red head. What is your opportunity cost? Most people would say the other two women, but unless they're interested in a threeway "date" you'd be wrong.
Obviously you chose wisely, and your opportunity cost in this case is the blonde.
"Why the is the blonde the opportunity cost?' you ask.
You could just take my word for it!
Seriously, the opportunity cost is the blonde.
Okay, if you really want to see the brunnette, I guess you deserve it.
Now that you understand the concept of opportunity cost, I'll explain how it relates to the new time management module. V1 allowed a player to have the same opportunities as every other player in the world, V2 however makes a player have to choose or specialize in what aspect of the game they find important.
Many players who have been around awhile have left the game as a result of these changes, but I believe they actually make the new version more interesting because your choices now effect your development and path in the this game.
New Reality: You can't be the best at everything! Get over it and move on.
You want to be in the military? Use the majority of your time training.
You want to make money now? Spend the majority of your time working.
You want to make more money in the future? Spend as much time as possible in the library.
Or you can choose a mixture of these three things. Just don't forget about the opportunity cost of doing so. Your next best choice may be your neighbor's best choice, but that all part of the new experience, choosing your own way in this new world.
How can the eUS take advantage of this?
We need to educate our new players to this reality and encourage them to pick their path early. If they want to fight get them signed up in the military early and encourage them to specialize in training, but the vast majority of our new players should be encouraged to specialize in the economic side of this game because that is how we will win this game. Growing our economy will give us a huge long term advantage over our enemies, because greater economic output will mean more damage long term.
While long term planning may not be as exciting as invading Russia without any plans for victory, it is what will be necessary to win in this new game.
My next article will be a time management guide for new players. Hope you enjoyed this, and hopefully those of you who took the time to read it actually learned something.
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Dennis this is great stuff! Look for an article out from me soon that will expand on some of these themes.
http://www.erepublik.com/en/newspaper/180922/1">v/s
just never show that last chick ever ever again. 😉
Silly boy, you can't win this game.
As someone who has taken more Economics than I know what to do with, I proclaim this article to be full of win. That being said, I do not necessarily agree with new players choosing between economy and military. There necessarily needs to be enough of a balance so that the normal population is effective in battle and the military is effective in the economy. However, they should specialize within each category of the economy/military. V/S
Let the Economic Superpower of the eUS rise!
V+S
v+s
I did not give permission for you to use the pic of my ex-wife.
^ clown sir, you are a clown
Arthur Brian was here. Voted and Subbed.
"You want to be in the military? Use the majority of your time training.
You want to make money now? Spend the majority of your time working.
You want to make more money in the future? Spend as much time as possible in the library."
Not so easy.
For high level players, it's not really worth it to train skills, army or economy.
Case 1: Work for 12 hours, rest 12 hours.
Case 2: Work for 8 hours, library 5 hours, spend the rest of the day as you wish.
For myself, case 2 would start paying off in about a year. For me to reach veteran**, it would take about 580 days. Nice.
Your article sounds good on paper and it helps players to develop a strategy, but I'm not sure how it will play out over time. The economy is way too chaotic for an assured future and when the military module kicks in everything will be up for grabs.
btw your article assumes the govt. has a workable military/militia plan. All bets are off it is fail. We may have a strong economy, but it may be erussian.
vote \o/
good job,
thank you very much.
good article (:
voted 😉
good article v+s
Votado!
Finally, someone who preaches to build up our economy instead of throwing our weight around aimlessly on the battlefield. v+s. Good article.
Brilliant!
good article, when you post your next one place an add in canada again pl0x 😃
voted/subbed
Great article. Glad you advertised in eGreece so I mentioned it.
voted and subbed
I am not sure that you have a grasp of "opportunity cost".
Any case I'd do all three of them because spreading happiness around is what I do.
Great article. I like where your head is at son!!
the blonde is OBVIOUSELLY sluttier. Our oportunity guy is gay 😉
I am gay! But the redhead is still sexier.
Dennis is right.
Good article.
nais inpoh, two thumbs up
blonde blonde blonde... o/
Voted and subscribed
Nice article 😉
I lost several pics... 🙁
redhead = amazing
blonde = typical guytoy
brunette = O.O
this article: +1
jewitt = jew?
Awesome article, short but to the point.
But for most people -- you could easily summarize this article into a few short sentences about the common sense that is now incorporated into V2... All of the information obtained in this article should be easily obtained via common sense by someone playing Version 2 for more than an hour or two.
IMO a second and third "Opportunity Cost" should be posted to further address your new title for the backbone of V2 😛
really good article the more people in the EUS know about economics the better things will be.
That poor, poor little stool.
Looks like our economy has rallied in the food market.
My biggest complaint is taxes. The cost of working is just unacceptable considering almost 1/4(25😵 of our income going directly to taxes!! I feel sorry for people working in titanium business that is taxed 50%. (better to import stuff then have workers in the USA) We should rely on weapons from foreign countries Today I paid $11.87. Not to happy about it.. but oh well one less person in the military then.
I want to be a rich soldier and I'm not a lesbian...WTF. 🙂
@mr baby ur a fag
I've always gone for economic superiority in strategy games, once your economically superior then you can roll over the enemies like panzers over pollacks...problem is, before you gain a big advantage you might be crushed.
nice article. subbed...