Paper Title :Ethical Principles in Business, Application of Game Theory in Islamic Economics

Author :Ahmad Assadzedeh, Narges Javidi

Article Citation :Ahmad Assadzedeh ,Narges Javidi , (2018 ) " Ethical Principles in Business, Application of Game Theory in Islamic Economics " , International Journal of Management and Applied Science (IJMAS) , pp. 16-19, Volume-4,Issue-3

Abstract : 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

Type : Research paper

Published : Volume-4,Issue-3

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