Project 2 - Group 6

1. The Prisoners Dilemma And How it Relates To Businesss Group Interactions Group 6 Riley Nielsen, Sarah Parker, Valerie Parmarter, Lauren Perry, Joseph Phillips

2. What is Prisoners Dilemma? This concept is the conflict between individual and group rationality. A group whose members pursue rational self- interest may all end up worse-off than a group whose members act contrary to rational self-interest.

3. How the Prisoners Dilemma Applies to Peer Revision When peer revision occurs many times it does not end with true results because evaluators are not being objective or precise. Self-appraisals usually results in inadequate results because individuals cannot review themselves objectively. Distrust among peers, lack of convergence, and disruptive competition are also reason why peer revision is not truly reliable or recommended Members of a group would give themselves a higher score and if something did not get done, would blame it on another member of a group. But if everyone had worked together and put the GROUPS interest first, then everyone would receive a better grade, better reviews, and results.

4. How the Prisoners Dilemma Applies to Business Groups The man objective for any business group is success and to outperform the competing firms. When in these groups its difficult to not want personal success over all who are engaged on the project. The only way to overcome this innate human desire is to be able to sacrifice personal pride for the projects prosperity. It must be understood that the sum of the success of all committed parties goes up as cooperation increase. Project success in a diverse team setting relies heavily upon open communication.

5. How the Prisoners Dilemma Relates to Business In the business world there are always deals to be made whether its to make money, increase your market share, or deals that will change your business forever, like buyouts and new partnerships. When making deals you have to figure out what is best for you personally and for your business. But this is where the similarity to the prisoners dilemma in business lies. Individuals in business are responsible for these kinds of decision making daily. With each decision there will be an outcome of good or bad, small or big, but it will stem back from the decision that was made.

6. Using the Prisoners Dilemma to Teach Business In the world of business ethical behavior is a major hurdle and companies need to be careful when reaching that hurdle. Enron and its insider trading scandal is the most notable unethical behavior of our time Unethical behavior can result in a higher payoff and because its more appealing. In business, the adherence to ethical behavior will result in a great group and individual reward. The prisoner's dilemma is a good business idea; an example of group success vs. individual success- how the two are usually no the same.

7. References Berman, Evan M., Bowman, James S., Jonathan P. West, and Montgomery R. Van Wart. Chapter 10. Human Resource Management in Public Service: Paradoxes, Processes, and Problems. 3rd ed. Thousand Oaks: Sage, 2010. 301-334. Print. Brazile Donna (2010). Greed, negligence behind BP oil spill. [ONLINE] Available at: http://www.cnn.com/2010/OPINION/05/03/brazile.oil.new.orleans/index .html ?iref=allsearch. [Last Accessed 21 September 2013]. Dixit, Avanish K. Nalebuff, Barry J. 1991. Thinking Strategically. U.S.A. W. W. Norton & Company Ltd. James, H. (1998). Using the prisoners dilemma to teach business. (pp. 211- 222). Netherlands: Kluwer Academic. Kay, J. A. (1995). Why firms succeed. New York, NY: Oxford University Press. Rodriguez, E. (2012, January 14). game theory prisoners dilemma cooperation teamwork study habits strategic strategy | The Harsh Side [Web log post]. Retrieved from http://harshside.wordpress.com/tag/game-theory- prisoners- dilemma-cooperation-teamwork-study-habits-strategic- strategy/ http://plato.stanford.edu/entries/prisoner-dilemma/