Not game theory, but research about and even within games.  Hit or miss:

One of the most high-profile projects (and most obvious recent failures) was Indiana University’s Arden: The World Of William Shakespeare, which reportedly had a grant of $250,000. It was an experimental MMO which came about via the work of Professor Ed Castronova, author of Synthetic Worlds. Castronova wondered whether the creation of a genuinely educational MMO was possible, and set up the student development project to find out. Having spent thousands of dollars on Arden it was shut down. Castronova cited “a lack of fun”.

via BoingBoing.