Business Ethics in Emerging Economies: Identifying Game-Theoretic Insights for Key Issues

Business Ethics in Emerging Economies: Identifying Game-Theoretic Insights for Key Issues

Duane Windsor (Rice University, USA)
DOI: 10.4018/978-1-4666-6433-3.ch047
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Abstract

This chapter seeks to identify useful game-theoretic insights concerning key issues of business ethics in emerging economies. The study considers four elements in this sequence: game theory, emerging economies, business ethics, and key issues. The chapter does not undertake formal modeling but rather emphasizes useful insights. Game theory provides assistance in reasoning about strategic scenarios for businesses in emerging economies. A multinational entity operates within layers of institutions and norms from international to national and sub-national levels. The approach taken here is to inquire into certain specific decision scenarios available in the extant literature as instances of important classes of decision problems. These scenarios involve long-term sustainable business models, corporate values, and corporate reputation.
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Introduction

The purpose of this chapter is to identify useful game-theoretic insights concerning key issues of business ethics in emerging economies. An insight should be of assistance to understanding and implementing business strategy and government policy, as well as international consensus on ethical (and legal) standards. The study draws on four elements which will be addressed in the following sequence: game theory, emerging economies, business ethics, and key issues.

The chapter is structured as follows. This section explains in general terms game theory and criteria for defining emerging economies. The explanations are background for addressing key issues of business ethics. The next section reviews the business ethics literature concerning game theory. The subsequent section identifies game-theoretic insights for four key issues of business ethics in emerging economies. (Some illustrations are drawn from developing economies; the rationale is explained below in the sub-section on defining emerging economies, as the dividing line is evolving and gray.) The concluding section of the chapter emphasizes the findings and their implications for business ethics in emerging economies.

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