What's Wrong with Game Theory

I took aim at a particular application of game theory in "Schelling and Segregation." Dave Patterson (Order from Chaos), offers a general critque of game theory. Here's a sample:

[G]ame theory has one major flaw inherent in it: The arbitrary assignment of expected outcomes and the assumption that the values of both parties are equally reflected in these external outcomes. By this I mean a matrix is filled out by an individual (we'll call them the conductor), it is up to that conductor's discretion to assign outcome values to that grid. This means that there is an inherent bias towards the expected outcomes of conductor.

Or: Garbage in, garbage out.