The dissertation introduce the real option game theory into the reaserch of the real estate investment, analyze the option feature which exist in the real estate investment,give full consideration to the flexiblity of management which will bring additional value to the enterprise After the contrast of the trandtional investment decision-making methods and the real options methods, this paper focus on the research of option game applied in the real estate field and establish the related investment model based on the symmetirc and asymmetric condition. It deeply analyse how construction time and ivestment cost to affect the option value brougt by investment and investment threshold, and the outcome shows that the investment cost play a more important role on the ivestment value and threshhold, which reveal that it is more effective for the enterprises to extend the construction time with the purpose of cut investment cost than to short the time of construction by the way of increasing the investment.This research provide a science, applicable and praticle way for the real estate enterprises to make correct decisions when confronted with the confusion of between time and cost. |