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Real Options And Game Theoretical Approaches To Real Estate Development Projects: Multiple Equilibria And The Implications Of Different Tie-Breaking Rules

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  • Tommaso Gabrieli
  • Gianluca Marcato

Abstract

This paper contributes to a novel and fast growing literature which introduces game theory in the analysis of real options investments in competitive settings. Specifically, in this paper we focus on the issue of multiple equilibria and on the implications that different equilibrium selections may have for the valuation of real options and the investment strategies. We present some theoretical results on the conditions for multiple equilibria. We apply our analysis to the valuation of a real estate development in South London.

Suggested Citation

  • Tommaso Gabrieli & Gianluca Marcato, 2010. "Real Options And Game Theoretical Approaches To Real Estate Development Projects: Multiple Equilibria And The Implications Of Different Tie-Breaking Rules," ERES eres2010_294, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2010_294
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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