Real Option and Games: Decision on Real Estate Sales

摘要：

Decision on Real Estate Marketing is researched based on real option and game method. In call real option market, developer could delay sale activities in order to get a higher sales income. When there are other homogeneous buildings developed in the same market, developers become competitors. Game strategies exist between developers. A duopoly game model is set up to analysis four possible states where either developer has two price strategies. The utility function of developer which supports marketing decision is valued by Black -Scholes Model. An empirical study is carried out to test the effect of real option and game theory on decision of real estate sales.

关键词： real option game theory duopoly real estate sales

作者: RUAN Lianfa ZHANG Rong DENG Tao

作者单位: Institute of Civil Engineering Management, College ofArchitecture and Civil Engineering, Zhejiang Un Institute of Civil Engineering Management, College of Architecture and Civil Engineering, Zhejiang U Institute of Civil Engineering Management, College of Architecture and Civil Engineering, Zhejiang U

会议类型: 国际会议

会议名称: 2009 International Conference on Construction & Real Estate Management(2009建设与房地产管理国际会议)

会议地点: 北京

会议语种:英文

页码: 965-968

在线出版日期: 2009-11-05（万方平台首次上网日期，不代表论文的发表时间）