We examine the determinants of game currency prices with a multivariate regression. Recall Eq 2.The dependent variable is Log(Pricei,t), which is the natural log of game currency price in server i at week t. Independent variables include Quotes, Server Crowdedness, Server Competition, Exchange Rate, and Stock Returns. Quotes is the number of fresh quotes on the market for game currency, Server Crowdedness is the number of users in a server measured by a three-step scale (high, medium, and low), Server Competition is a dummy variable is equal to one when a server has more competition among players, Exchange Rate is the exchange rate between KRW and USD, and Stock Returns is the weekly stock returns of the game servicing company. Server fixed effects are controlled. The estimation method is Generalized Method of Moments (GMM) that corrects for heteroscedasticity and autocorrelation in the regression error terms. t-statistics are in parentheses. Coefficients significant at the 1%, 5%, and 10% level are marked by a small a, b, and c, respectively.Game Currency Price Determinants.