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

Steven Postrel

Strategic Management Journal, 1991, vol. 12, issue S2, 153-155

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.

Date: 1991
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