Game theory, in essence, is the study of how people make decisions in strategic situations, where the outcome depends not only on their own actions but also on the actions of others.
At first glance, you might wonder, "How is this relevant to real estate?" As it turns out, the art of property negotiation can involve many of the same principles. Game theory can offer a fascinating lens through which both buyers and sellers might enhance their negotiation skills.
In this article, we’ll explore some simple game theory concepts and discuss how they apply to real estate.