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Burning your britches behind you: Can policy scholars bank on game theory?

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  • Steven Postrel

Abstract

Critics of game theory claim that it can be used to rationalize anything—even bank presidents setting their pants on fire in public. This article verifies the claim with a simple signalling model. The paper goes on to argue, however, that this criticsm is without force. Game theory is a toolbox for constructing useful models, rather than an empirically substantive theory; its power comes from imposing logical discipline upon the stories we tell.

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  • Steven Postrel, 1991. "Burning your britches behind you: Can policy scholars bank on game theory?," Strategic Management Journal, Wiley Blackwell, vol. 12(S2), pages 153-155, December.
    • Handle: RePEc:bla:stratm:v:12:y:1991:i:s2:p:153-155
    DOI: 10.1002/smj.4250121011
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    Cited by:

    1. Slantchev Branislav L., 2017. "On the Proper Use of Game-Theoretic Models in Conflict Studies," Peace Economics, Peace Science, and Public Policy, De Gruyter, vol. 23(4), pages 1-14, December.
    2. Agarwal, Rajshree & Croson, Rachel & Mahoney, Joseph T., 2007. "Decision Making in Strategic Alliances: An Experimental Investigation," Working Papers 07-0108, University of Illinois at Urbana-Champaign, College of Business.
    3. Douglas P. Hannah & Ron Tidhar & Kathleen M. Eisenhardt, 2021. "Analytic models in strategy, organizations, and management research: A guide for consumers," Strategic Management Journal, Wiley Blackwell, vol. 42(2), pages 329-360, February.
    4. van den Oever, Koen, 2017. "Uncharted waters : A behavioral approach to when, why and which organizational changes are adopted," Other publications TiSEM 0136c8c2-ecdd-4f82-8ca7-d, Tilburg University, School of Economics and Management.

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