Ethical Principles in Business, Application of Game Theory in Islamic Economics
Business environment is always subject to social and moral harm. Recently, researchers consider ethics to be part
of business, because separating ethics from the business can be catastrophic. Islamic teachings define boundaries for
business practices in order to promote ethical rules, aiming at reaching a win-win game outcome instead of a win-loss one.
The holy Quran states that adherence to ethics in business would result in a blessing in the livelihood. Using the game theory
tool, this study tried to investigate the problem of eliminating a competitor from the market from an Islamic economics
prospective. The main purpose of this article is to provide a new methodology for analyzing the reasons behind Islam's
endorsement of vertues such as justice and the condemnation of vices such as stinginess and collusion. In this regard, the
consequences of the elimination of rivals in the society have been investigated by modeling a collusion in the form of a
game. The results indicate that Islamic approach can achieve fair trade objectives while preventing profiteering behaviors.
Index terms - Business, Economics, Ethics