Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Glossary Chapter 3
Glossary terms for Business Ethics: An Interactive Introduction, Chapter 3
| Term | Definition |
|---|---|
| psychological egoism | Psychological egoism is the empirical theory that people always do act to maximize their own self-interest. |
| ethical egoism | Ethical egoism is the ethical theory that people always ought to act to maximize their own self-interest. |
| payoff matrix | A payoff matrix in game theory is a table that shows each player’s payoff for every possible combination of strategies. |
| dominant strategy | A dominant strategy is a strategy in a game that yields a higher payoff regardless of the strategy chosen by the other player. |
| prisoner’s dilemma | A prisoner’s dilemma is a type of game where both players have dominant strategies that, when played, result in an equilibrium with payoffs smaller than if each had played another strategy. |
| paradox of egoism | The paradox of egoism is a weakness of ethical egoism that arises because ethical egoists cannot achieve some states of affairs greatly in their self-interest because they always ought to act selfishly. |
| contractarian ethic | A contractarian ethic is the view that ethics is an enforced contract among ethical egoists designed to prevent dilemmas of cooperation. |
| narrow self-interest | Narrow self-interest is motivation arising from only the welfare of one’s own ego and body. |
Created by:
emulhall
Popular Business sets