Author(s)

Rongyi Lai

Corresponding Author

Rongyi Lai

ABSTRACT

As an important part of the national economy in China, the modern estate industry is faced with lots of issues. Game theory approach is defined as a tool for dealing with problems faced by participants in estate industry. This paper provides a comprehensive review of the application of game theory approach to the games among the government, estate developers and buyers. It is concluded that developers are suggested to meet the expectations of buyers and to lower the marginal cost of developing. Buyers could make the purchase when the price is expected. Moreover, the government is advised to cooperate with developers and to use fiscal and financial policies to promote a healthy development of estate market. The main contributions of recent research in the area of employment of game theory to estate industry are studied and discussed in detail.

KEYWORDS

Estate, Game Theory, Review