A reflection on analytical work in marketing: Three points of consensus
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This article presents three points of consensus about game-theoretic work in marketing: First, equilibrium analysis is necessary for studying situations that have strategic interactions. In many cases, empirical examination of these strategic scenarios is difficult or impossible, at least without the guidance of an equilibrium model. Second, more general models are not necessarily “better,” because institutional details matter. Thus, the appropriate compromise between generality and specificity depends on the scope of the research question. Finally, there should be a two-way road between theory and empirics—theory is necessary to interpret empirical results, while empirical findings should guide theoretical modeling choices.