Decision-Making in Conditions of Uncertainty and the Games Theory in Modeling Islamic Economic

Abolhasani, Asghar; Hasani Moghaddam, Rafi

Decision-Making in Conditions of Uncertainty and the Games Theory in Modeling Islamic Economic

Authors

Faculty of Payameh Nour University

Abstract

During the past fifty years, important theories have been introduced to economics, which
have undergone great review in the past two decades. Two of these theories, which have
great applicability in analyzing economic subjects especially in the field of finance, are
reviewed in this paper. Decision-making in uncertainty and the Games Theory are two
subjects that have applications in Islamic banking. In this article, the common economic
and Islamic economic are divided into normative and descriptive statements, each. Thus,
along with a general review of decision-making in conditions of uncertainty and the games
theory, these concepts, too, have been divided into descriptive and normative statements. It
has been shown that some of these concepts have applications in Islamic economic.
Additionally, applications of the discussions related to the games theory and decisionmaking
in uncertainty are provided, in areas such as finance, banking, and Islamic business.

Keywords