The author argues that the theory of moves, which has gained popularity in
recent years as an alternative to game-theoretic analysis of strategic inte
raction, is fundamentally flawed. The theory's adherents argue that it make
s theoretical progress by endogenizing the structure of games and introduci
ng new ways of analyzing repeated interactions. The author analyzes the the
ory of moves from a game-theoretic perspective and challenges its theoretic
al claims. The author then reanalyzes several recent articles that have use
d the theory of moves, showing that its application to empirical cases is s
trained and that game theory can provide models that do a better job of fit
ting the stories the authors tell about them.