New monthly stock market report

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  • #40871
    Wadsworth
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    • Topics: 50
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    • ★★★★★

    Hello all, recently I have noticed recently that people are not very up-to-date with the prices of items, and /worth can be very inaccurate, and with a new social and business center known as ae0’s coming into full swing, it is the perfect opportunity to have people keep track of prices for commonly traded tender so players will not buy overpriced goods and people know where to get the best goods, for this reason I and a few other players will be starting a monthly stock market report for ae0’s island. These reports will include the highest, lowest, and median price for an item that can be found at ae0’s, along with the shop the price was taken from (median price will be which shop closely matches it).

    The following items will be recorded in the monthly report:

    • Iron (per piece)
    • Gold (per piece)
    • Diamonds (per piece)
    • Lapis (per piece)
    • God armor (full set)
    • Cap armor (full set)
    • God swords
    • Stone
    • Invis pots
    • Strength pots
    • XP (per stack)
    • Pets
    • Mending books (enchant book prices varry a lot, so only mending books will be included since they are very popular right now)

    Along with the prices the report will include how the price of an item has gone down or up in median price.

    http://tsa6.us.to/pcbanners/1/Chasedillon123/Blocks%20Broken/Blocks%20Placed/Last%20Consul,%20First%20Emperor.
    Ω Former Consulate and Emperor of the New Romans Ω
    Vivat Rei Republicae

    ▲ ▲

    #40873
    iOdiwanKenobi
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    • ★★★★★★

    Not the median :/ wouldn’t it be smarter to do the mean? An average of the prices and the lowest would be good, also some restock rates, ask around how fast players need to restock (average) and add that. Also, just saying, any of you try and beat my prices I will take you down! >:D

    Ironic

    #40874
    Kanube
    Member
    • Topics: 44
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    • Total: 256
    • ★★★★★

    Great idea, now we just need a scrolling sign with abbreviations and changes, oh and charts, gotta have charts ?

    I made a quick one fer ya,, of course, had ta change the names to the Davy Jones Index and the Nasdeck, but left the S&P, since it stands for the salty and piratey 500.  ?

    Yarr, der be some corporate raiders, lookin ta take on da pirates of wall street!

    Attachments:
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    Brother Kanube, head of the Order of St. Ender, Watcher of the Void
    ~~~~~ from the dust of the void all is made, and to the void it returns~~~~~

    #40876
    MrDork
    Member
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    • ★★★★★★

    Whilst kanubes chart is rather confusing for some, although I get it, we could do weekly updates like:

    Iron: Went down in $X

    or something like that. Since prices aren’t likely to change every week, maybe every month.

     

    Also, id be glad to help out

     

    Bai

    Hi

    #40877
    Gildor
    Member
    • Topics: 50
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    • ★★★★★

    The Crimson Permanent assurance!

    ___________________________________________________________________________

    Ex Prime Minister of the British Empire

    Crew History: TEE, Delta, Enigma, BE

    #40881
    ae0
    Member
    • Topics: 13
    • Replies: 31
    • Total: 44
    • ★★

    @Chasedillon123 You can use this as one of your historical data points. Also I would be happy to assist in any way necessary.

    ------------------------------
    War is Peace.
    Freedom is Slavery.
    Ignorance is Strength.

    #40882
    Rivvur
    Member
    • Topics: 20
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    • Total: 183
    • ★★★★

    @iOdiwanKenobi  it is actually better to do the median. Due to the fact that prices vary a lot, there is possible for there to be outliers.

    If some people do not know, a outlier occurs when there is a certain number set  and there is a number that just doesn’t make sense. (Ex. 1, 3, 2, 1, 2, 3, 9)  You can clearly tell that the outlier is 9.

    Now, I will provide another example. (This example is not relevant to in game prices)

    The prices for a diamond are: 7, 6, 8, 9, 6, 10, 9, 15.

    If we use the mean: 7 + 6 + 8 + 9 +6 +10 + 9 + 20 = 75 /8 = 9.375. The mean price for a diamond in this case would be 9.375.

    If we use the median: 6, 6, 7, [ 8, 9 ], 9, 10, 20. In this case, the median would be 8.5.

    So, why are the prices different? The outlier. Median is more correct because it does not get affected as much by the outlier as mean does.

    And that is why in most cases, it is better to use median instead of mean.

    P.S. And  @chasedillon123 I am glad to help in anyway possible 🙂

    ---------------------

    Proud former leader of The Coalition
    Former member of build team
    ez got banned
    pirate veteran and yeehaw'er

    Crew history:
    BE, DELTA, CREED, SOLIS, TEMPLAR, PHANTOM, EE, TAS, VPS, CLTN, RoP, STRN, ARES, Horse, Mafia, Hope

    "Many of life's failures are people who did not realize how close they were to success when they gave up." -Thomas Edison

    #40887
    CaptainCracken
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    yea i could sell a diamond for $200 per and screw up the calculations lol

     

    not saying i would do that, but on that topic, buy my diamonds! 😛 lol

    -CaptainCracken

    https://www.minecraftskinstealer.com/achievement/a.php?i=5&h=Hey+Big+Spender&t=Spend+Over+%242k+on+Food[/url]

    #40889
    build1115
    Member
    • Topics: 14
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    • Total: 343
    • ★★★★★

    The new Dow Jones of PirateCraft!

    We need to make a wall street!

    😀

    ~ I'm always right, when I'm not wrong...
    - Vice President of The Thirteen Colonies
    - Master Librarian at Covetown
    @GTerwilliger

    #40890
    iOdiwanKenobi
    Member
    • Topics: 60
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    • Total: 857
    • ★★★★★★

    But also, the shops would need to be stocked I believe, and many of the underpriced and overpriced generally aren’t because they buy their own items lol.

    I want to keep the lowest price on there too 🙂

    I do understand what you “mean” river hehehe, I guess the median is better.

    Ironic

    #40891
    Wadsworth
    Member
    • Topics: 50
    • Replies: 354
    • Total: 404
    • ★★★★★

    @GTerwilliger aw thanks


    @ae01
    that long list you gave me is the exact reason why i need helpers to scour your island, lol

    @Riverwood202 @dorkito101 @ae01 I need all the help i can get, msg or /mail me in game and i can see what you all can do.


    @Gildor
    we need more Monty Python movies

    http://tsa6.us.to/pcbanners/1/Chasedillon123/Blocks%20Broken/Blocks%20Placed/Last%20Consul,%20First%20Emperor.
    Ω Former Consulate and Emperor of the New Romans Ω
    Vivat Rei Republicae

    ▲ ▲

    #40893
    XeN0Hunter
    Member
    • Topics: 15
    • Replies: 65
    • Total: 80
    • ★★★

    Honestly I think a mode, mean, median, and range of prices would be a very strong representation of prices that way people can see the middle price, average price, most common price, and the range in prices on the island. Adding a fully detailed info list on the island for each item and a very good estimate to base a price off of. This would allow players to make their wares sold for cheaper or more expensive based on how much the price on the item varies and how much stock of the item they have to supply. This would also stop the “economy ruining undercutting” (even though it has about the same effect as reptaria with a stack of gapples. Annoying but can’t do crap) as it would allow people to make an educated price based on other peoples prices and it would allow you to show someone they are selling for lower than they can and still make profit. I think it’s time we get some serious economy going and stop all this bickering. Would make item trade much more bountiful and who knows. Maybe some ships will get into the mix!

    Dear lord was I cringey when I was 14

    #40896
    iOdiwanKenobi
    Member
    • Topics: 60
    • Replies: 797
    • Total: 857
    • ★★★★★★

    Ali’s right! Some good economical line graphing is great!

    Ironic

    #40899
    MrDork
    Member
    • Topics: 111
    • Replies: 670
    • Total: 781
    • ★★★★★★

    This could also trigger a black market, and at the same time make ae0 island really powerful.

     

     

    Hi

    #40919
    ae0
    Member
    • Topics: 13
    • Replies: 31
    • Total: 44
    • ★★

    Here are two “data dumps” from 08/07/2016 and 09/21/2016 if anyone wants to make any kind of advanced price analysis ?

    https://dl.dropboxusercontent.com/u/37084051/market_20160807.xls
    https://dl.dropboxusercontent.com/u/37084051/market_20160921.xls (shop names are not reliable in this one!)

    Columns are: Location (unreliable), X, Z, Y, Color, Kind (buy/sell/etc), Text, Count, Price, Unit Price (unreliable).

    ------------------------------
    War is Peace.
    Freedom is Slavery.
    Ignorance is Strength.

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