Prisoner's Dilemma & Beach Kiosk

The ability for one to make rational decisions is vital, and this is especially true for decisions that can have enormous consequences. The process for making rational decisions is tedious, it requires one to have the opportunity to deeply process, evaluate, and re-evaluate available options. This suggests that rational decisions must be made in the absence of external parties because external influences are capable of preventing individuals from processing information for themselves. Otherwise, this would likely result in the individual coming to rash conclusions that cater to the external parties. Unfortunately, under most circumstances, it is a challenge to make rational decisions, because as social animals, we constantly expose

Every day people make decisions that may have profound effect on their personal and/or professional lives as well as the lives of others. The decision people make have a foundation on their personal, cultural, and perhaps organizational values. When these values are in disagreement, an ethical dilemma occurs.

Everyday, you make decisions that affect the path that you have taken, to different degrees, resulting in the current situation you now find yourself in. Chaos Theory reflects the fact that however small the decision may be, the consequences have the potential to be substantial. These day-to-day decisions, may have huge implications on tomorrow’s, thus one would believe/hope that they are made rationally and reasonably. This essay aims to discuss whether these decisions we make are rational in the economic sense and reasonable in the lawyer’s sense and whether it ultimately matters?

“The Most Dangerous Game” is a perfect story to apply Campbell’s paradigm in that the paradigm applies to every aspect of the story apart from the main character being nobly born. A hunting enthusiast by the name of Rainsford is on a yacht heading to Rio when he falls off the side and into the Caribbean Sea. A problem quickly arises when no one can hear his cries for help and the yacht continues to push on with great speed. Absolutely exhausted from swimming all the way to the shore Rainsford immediately passes out. The unfamiliar territory Rainsford encounters is the island he swam to known as “Ship-Trap Island”. The name “Ship-Trap Island” is self-explanatory in that it literally means ships get trapped there constantly. Upon waking up,

For a given ethical dilemma, there is usually a dominant pair. Frequently, more than one must be considered, and sometimes all four. But, as Kidder

The first principle in individual decision-making is facing a trade-off. In order for individuals to accomplish their goals or to obtain something they desire, there is usually something that must be given up or traded to accomplish that. In Chapter 1 Principles of Economics, efficiency vs. equity is discussed which helps further explain this principle. Society is always desiring to

Please note that the indicated chapters are only an approximate guide to what will be covered in class.

Core to this belief is the notion that solving ethical dilemmas should be determined by the best option that presents the fewest consequences.

“It is as important to examine what we forgo, as well as what we will get if we choose one alternative over another.” In other words, before a change is implemented into an economy, careful consideration of all other alternatives and their possible outcomes must be thoroughly examined. However, unforeseen outcomes often arise due to the imperfectability of humans.

Some individual are concerned that their concepts do not allow for moral dilemmas to have more than stability in mind. It is known to be somewhat concerning, that theories that allow for dilemmas failure to be uniquely action-guiding. “A theory can fail to be uniquely action-guiding in two different ways, by suggesting incompatible actions in a situation or by not suggesting any action at all.” (McConnell2014)

In the next section the book presents two types of theories: game theory and behavioral theory. Game theory was created over 2,500 years ago by the Chinese military (Ho & Weigelt, 1997). It has only entered the business environment recently but still uses the same concepts and is a tool for doing strategic analysis. Game theory is essentially a way to make decisions. How will it affect your company? How will it affect your competitor? It takes into account cause and effect, considering all possibilities and what resources will be needed. The second theory offered is behavioral theory. This theory investigates why it is that managers often make irrational decisions that may negatively affect the future of the organization. Often, managers make decisions based on their own biases and not necessarily rational like the game theory.

Rational choice theory accepts that all individuals attempt to effectively expand their preference in any circumstance and in this way reliably attempt to minimize their misfortunes. The hypothesis depends on the possibility that all people construct their choices in light of sound figuring’s, act with discernment when picking, and intend to increment either delight or benefit. Rational choice theory likewise stipulates that all unpredictable social wonders are driven by individual human activities. Accordingly, if a business analyst needs to clarify social change or the activities of social organizations, he needs to take a look at the balanced choices of the people that make up the entirety.

Management constitute amongst major components of a company, organization or a business. As such, management oversees employees interactions with their supervisors and also control of people within a particular organization. Also, it includes critical and ethical decision-making process so as to address various ethical dilemmas experienced by employees while undertaking their respective assigned duties within the company. Ethical dilemmas are hereby to stay as issues usually arise now and then and place a variety of options that bear different repercussions. Therefore, it calls for ethical and critical decision-making skills so as to make the most appropriate option that bears more benefits in comparison to other options presented. While making ethical decisions, it 's substantially important to play heed to a certain ethical decision-making theory. This would enable an individual making the decision to ripe best possible consequences rather than living to regret. Moreover, ethical decision making is typically important in business as making a wrong decision may result not only in huge losses but also poor relationship amongst colleagues and miserable life for employee(s) working in a particular company or business in question.

Nash equilibrium can be described as the end of the game sequence. Player gains a posteriori experience during the sequences of the game which in turn help them to form the belief and gain knowledge that lead to the end point, the Nash equilibrium, hence there is no further knowledge that can be gained. In the usual finite set of games the marking of the end point, Nash equilibrium, will allow us to make better or optimal decision. If our decision making process doesn’t satisfy the Nash equilibrium, we must always be able to improve our decision and choice that we made till we hit that equilibrium.

Game Theory, the analysis of the concepts used in social reasoning when dealing with situations of conflict (Rubinstein, 1991), is one of many methods used to provide rational strategies towards the making of decisions. Game theory provides logical and mathematical models towards decision-making which are applied to real-life situations such as