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Paper eres2010_294:
REAL OPTIONS AND GAME THEORETICAL APPROACHES TO REAL ESTATE DEVELOPMENT PROJECTS: MULTIPLE EQUILIBRIA AND THE IMPLICATIONS OF DIFFERENT TIE-BREAKING RULES

id eres2010_294
authors Gabrieli, Tommaso; Marcato, Gianluca
year 2010
title REAL OPTIONS AND GAME THEORETICAL APPROACHES TO REAL ESTATE DEVELOPMENT PROJECTS: MULTIPLE EQUILIBRIA AND THE IMPLICATIONS OF DIFFERENT TIE-BREAKING RULES
source 17th Annual European Real Estate Society Conference in Milan, Italy
summary 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.
keywords Real estate development, strategic investment, Game theory, real options, equilibrium selection
series ERES:conference
email t.gabrieli@reading.ac.uk
more http://www.eres2010.org/index.asp?page=papers_download
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ratings
session Real Estate Development & Finance
last changed 2010/08/04 20:47
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