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On the Value of Game Theory in Social Science

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  • ROGER B. MYERSON

    (Northwestern University)

Abstract

This article discusses the value and limitations of game theory's use in the social sciences. The role of game theory is discussed and contrasted with exaggerated expectations of the subject. The importance of a modeling dialogue between theorists and empiricists is reviewed. The basic limitations of game theory are discussed, including the rationality and intelligence assumptions and the problem of multiple equilibria. The appropriate interpretation of randomized equilibria is illustrated.

Suggested Citation

  • Roger B. Myerson, 1992. "On the Value of Game Theory in Social Science," Rationality and Society, , vol. 4(1), pages 62-73, January.
    • Handle: RePEc:sae:ratsoc:v:4:y:1992:i:1:p:62-73
    DOI: 10.1177/1043463192004001008
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    References listed on IDEAS

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    1. Aaron Wildavsky, 1992. "Indispensable Framework or Just another Ideology?," Rationality and Society, , vol. 4(1), pages 8-23, January.
    2. Gordon Tullock, 1992. "Games and Preference," Rationality and Society, , vol. 4(1), pages 24-32, January.
    3. Arye Hillman & Dov Samet, 1987. "Dissipation of contestable rents by small numbers of contenders," Public Choice, Springer, vol. 54(1), pages 63-82, January.
    4. Michael Hechter, 1992. "The Insufficiency of Game Theory for the Resolution of Real-World Collective Action Problems," Rationality and Society, , vol. 4(1), pages 33-40, January.
    5. MERTENS, Jean-François & ZAMIR, Shmuel, 1985. "Formulation of Bayesian analysis for games with incomplete information," LIDAM Reprints CORE 608, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    6. John C. Harsanyi, 1967. "Games with Incomplete Information Played by "Bayesian" Players, I-III Part I. The Basic Model," Management Science, INFORMS, vol. 14(3), pages 159-182, November.
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    Cited by:

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    5. Álvarez, Xana & Gómez-Rúa, María & Vidal-Puga, Juan, 2019. "Risk prevention of land flood: A cooperative game theory approach," MPRA Paper 91515, University Library of Munich, Germany.
    6. Moradi, Sohrab & Limaei, Soleiman Mohammadi, 2018. "Multi-objective game theory model and fuzzy programing approach for sustainable watershed management," Land Use Policy, Elsevier, vol. 71(C), pages 363-371.
    7. Nick Harkiolakis, 2023. "The Cycle of Value The Cycle of Value -- A Conservationist Approach to Economics," Papers 2308.07185, arXiv.org.
    8. Jakson Alves de Aquino, 2011. "Cooperation among Virtual Anthropoids in a Complex Environment," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 9(1), pages 56-80.
    9. Nicolai J. Foss, 1998. "Austrian Economics and Game Theory a Preliminary Methodological Stocktaking," DRUID Working Papers 98-28, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.

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