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| Author: | Scalet, S. |
| Title: | Prisoner's dilemmas, cooperative norms, and codes of business ethics |
| Journal: | Journal of Business Ethics
2006 : JUN I, VOL 65:4, p. 309-323 |
| Index terms: | ethics business ethics co-operation economics incentives public goods decision making efficiency markets |
| Freeterms: | prisoner's dilemmas |
| Language: | eng |
| Abstract: | Rational people can interact in inefficient ways because of the prisoner's dilemmas, which create a problem for institutional designers: devise institutions that realign individual incentives to achieve collectively rational outcomes. However, this paper argues that sometimes preserving prisoner's dilemmas may actually create opportunities to practice the cooperative norms that make market institutions possible in the first place. An ethical market culture benefits from prisoner's dilemmas. The paper first discusses general approaches for solving prisoner's dilemmas, then argues for their value, and finally show the significance of this argument for advocating codes of business ethics. |
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