In the present paper, the performance of cooperative relaying networks with adaptive relaying scheme selection is analyzed. Cooperative relaying is a new technique to achieve spatial diversity gain by using neighboring stations. However, when multiple stations transmit simultaneously, the number of interference signals increases. Therefore, the introduction of cooperative relaying in radio communication systems does not always increase the network capacity due to the co-channel interference. Therefore, in order to achieve high spectral efficiency, it is necessary to select cooperative relaying or non-cooperative relaying adaptively. Assuming both centralized and decentralized adaptive controls, the spectrum efficiency is evaluated. The performance under decentralized control is evaluated using a game-theoretic approach. Simulation results show that the introduction of cooperative relaying with centralized control always increases the spectral efficiency. On the other hand, Simulation results also show that, when each source selects a relaying scheme independently and selfishly to maximize its own spectral efficiency, the introduction of the cooperative relaying may reduce the spectral efficiency due to the increase in the number of interference signals.