中文摘要：

期权博弈理论是实物期权理论和博弈论的有机结合，运用期权博弈理论可以提高房地产投资决策的准确性。通过对Williams和Grenadier的房地产期权博弈基础模型的分析和对期权博弈模型的各种扩展分析，以及对模型检验的探讨，揭示了房地产期权博弈理论的发展轨迹。

英文摘要：

The option game theory is an excellent combination of real option theory and game theory. The accuracy of the real estate investment decision could be enssurod under the option game theory. This paper presents the option game model developed by Williams （1993） and Grenadier （1996）, holds an inquiry into various extending analysis and testing analysis of these models, and displays the development track of the real estate option game theory.