Decision-making in real estate development : application of game theory

Decision making in real estate development projects has generally undergone a number of important changes over the last decades. This transition represented a shift from governmentally dominated top-down spatial planning to bottom-up, public-private engagement schemes in real estate development (Tam et al. 2009). The new policy implies pluricentric network steering – in which several public and private parties play a role – instead of traditional hierarchical top-down governmental steering.