I love game theory, but I hate that the focus outside of academia is almost always on simplistic single period games. These games can result in some interesting conclusions and teach some valuable concepts, but they are terrible at representing how people behave in the real world.

Anyone interested in a more complex and realistic examination of the economics of pirating should consider Peter Leeson's book, The Invisible Hook: The Hidden Economics of Pirates.

I would also recommend Leeson's Anarchy Unbound: Why Self-Governance Works Better Than You Think for some interesting applications of game theory in more realistic historical contexts.