Game Theory and Auctions from Islamic Viewpoint
10 Pages Posted: 1 Sep 2014
Date Written: August 16, 2014
This study is an attempt to analyze game and auction theories from the perspective of Islamic shariah. Game theory permits certain acts like cheating, collusion, and unnecessary price-hiking which are in direct conflict with Islam Shariah laws and practices. Game theory needs further discussion related with Islamic Shariah in order to Islamize game theory. The theory of auction also requires further refinements to come up with auction formats that are permissible in Islamic Shariah. Implementation of Islamic Shariah is expected to minimize oppression, injustice and selfish motives from contracts of trade.
Keywords: Auctions, Game Theory, Shariah
Suggested Citation: Suggested Citation