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Game Theory and Auctions from Islamic Viewpoint

10 Pages Posted: 1 Sep 2014

See all articles by Atif Jilani

Atif Jilani

Department of Business Administration, Aligarh Muslim University Murshidabad Centre

Valeed Ahmad Ansari

Aligarh Muslim University (AMU) - Department of Business Administration

Date Written: August 16, 2014

Abstract

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

Jilani, Atif and Ansari, Valeed Ahmad, Game Theory and Auctions from Islamic Viewpoint (August 16, 2014). Available at SSRN: https://ssrn.com/abstract=2481524 or http://dx.doi.org/10.2139/ssrn.2481524

Atif Jilani (Contact Author)

Department of Business Administration, Aligarh Muslim University Murshidabad Centre ( email )

India

Valeed Ahmad Ansari

Aligarh Muslim University (AMU) - Department of Business Administration ( email )

Aligarh
India

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