Don't be confused - all this points to (scrypt vs SHA) is this: the harder it is to mine an otherwise identical coin, the higher its cost of production. Factors that tend to increase cost of production therefore increase the exchange value (as evidenced by the data and statistical analysis).
In terms of the data the t-statistic was very highly significant (p < 0.0000) for that variable.
It is comparing apples to oranges with ASICs, but the point is that the higher the cost of production the higher relative value.
Thanks for popping in with this clarification.
What Factors Give Cryptocurrencies Their Value: An Empirical Analysis -
http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=2372041"The model may be able to offer some insight into the value of bullion or metal-based commodity money, if there is enough theoretical basis to draw analogies from.... If this is even loosely the case, it may provide some insight into cryptocurrencies as being more aptly branded 'cryptocommodities'."
2 other papers there also. A Cost of Production Model for Bitcoin. And, The Decision to Produce Altcoins: Miners' Arbitrage in Cryptocurrency Markets.