Bitcoin as an ethical dilemma case study

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Bitcoin was created to be a form of electronic cash that could be sent peer-to-peer without the need for a central bank or other authority to operate and maintain the ledger, much as how physical cash is used. The engine that runs the bitcoin ledger is original and largest blockchain, while other blockchains run several hundred other similar currency projects with different rules.

Bitcoin works by paying miners — those that do the computational legwork of posting new transactions — with newly-minted bitcoins. As long as the currency is desirable, it is self-sustaining. The system automatically adjusts the difficulty of posting transactions and the reward for doing so to control inflation. As an internet-based currency, bitcoin also observes no international borders, meaning that transfer between territories is no different from any other payment.

There are other blockchain projects, such as Ripple , that are looking to capitalise on this for international payments applications in central bank issued fiat currencies. Blockchains are designed to be useful in systems that require reconciliation between parties. Many of the major players in banking are backing the R3 consortium , which is researching the use of a blockchain-like distributed ledger for interbank reconciliations and other financial applications. Millions of dollars are spent each year reconciling ledgers between banks.

If a distributed ledger solution could be created that is able to handle the volume of transactions between the banks, then this outlay could be greatly reduced. This kind of application would be a private ledger — one where only invited parties can view the records or participate in creating new entries.

However, it would allow for interbank transactions to form a single, authoritative record that all parties could verify. This could reduce the considerable efforts spent reconciling books with counterparties, and allow for a more efficient banking system.

A solution of this kind is not feasible with the present implementations of blockchain, either in volume or in speed, and indeed the R3 project has now morphed into other distributed ledger applications for the financial sector. However, assuming that these significant challenges could be overcome, this is potentially a very impactful area of application for blockchain.

Others are looking at supply chain integration for similar reasons. Smart contracts allow for transactions to be made automatically and without the need to rely on a central party to adjudicate the operation of the contract terms. Blockchain offers opportunities in this arena, because smart contract code can be written directly onto a block and is examinable by the contracting parties ahead of time, just like a traditional legal contract.

If it is agreed to, then the smart contract will automatically execute its own terms. This could mean releasing a payment following a certain trigger, running a software escrow account or making an investment.

One potential advantage of smart contracts over traditional law is that they reduce counterparty risk. With a traditional legal contract, the courts act as a cure to breaches — if the contract is broken, they can enforce the terms after the fact. However, smart contracts can be preventative; they operate on the stated terms regardless, which binds its parties.

There are some challenges to smart contract adoption. While the process of executing a smart contract might remove the need for an intermediary, there may still be a need for a trusted professional ie, a programmer to create the smart contract.

If institutional trust and cost moves from the lawyers drawing up the contract to the programmers encoding it, there is no real advantage to be gained. However, we are currently a fair way away from this reality. Courts would have to recognise that the operations of smart contracts are legitimate ways to transfer ownership and value between parties, and that the terms of smart contracts are enforceable in case a breach somehow does occur. Could intent override the letter of the code?

This last issue is not theoretical — when the DAO a smart contract-driven investment vehicle created for the Ethereum blockchain had much of its funding hijacked through a loophole in a poorly-written smart contract, there was a fierce debate over how to resolve the issue. This eventually lead to a fork, with most participants agreeing to roll back the loss of funds, but some kept the status quo and became a separate blockchain, which now exists under the name Ethereum Classic.

This rollback was only possible because more than half of the participants agreed to implement it. Both aspects—investment or currency—are heavily influenced by the level and nature of volatility, and our results suggest that Bitcoin does not work as a currency. The literature on Bitcoin is relatively new and has grown very fast in recent years. Trading aspects are considered by Cheah and Fry and Blau who investigate speculative behavior in Bitcoin trading.

There are numerous studies that look into the volatility of Bitcoin. Dwyer , for example, analyzes monthly standard deviations of Bitcoin prices from Mt. Gox, BTC, and Bitstamp and concludes that these are 5—7 times higher than what is generally observed in stock markets. Bouoiyour and Selmi , Bouri et al. All authors conclude that the volatility level is comparatively high, offering different explanations such as cyber attacks, information asymmetry, decentralization, or the absence of regulation.

We contribute to the literature with an in-depth analysis of Bitcoin volatility and its implications on the usage of Bitcoin as a currency, a diversifier or hedge, and a store of value. We find that Bitcoin markets exhibit excess volatility in the sense that the volatility is up to 10 times higher than the volatility of the exchange rates. We understand such a high level of volatility as an obstacle for Bitcoin to perform all functions associated with a currency means of exchange, unit of account, and store of value in a reliable and efficient manner.

Also, we find that the dynamics of Bitcoin volatility are different from and unrelated to FX volatility which suggests that Bitcoin does not yet belong to the global market of currencies. The article proceeds as follows. We first describe the Bitcoin market and related regulatory aspects in Sect.

In Sect. The empirical analysis follows in Sect. Section 5 concludes. The Bitcoin market is a fully electronic market which has been introduced on October 31, by Satoshi Nakamoto as a peer-to-peer network without any central authority. Hence, there is no central bank or any other single intermediary involved and transactions are verified by a network of nodes that check the accuracy of the latest transaction against their register of total transactions, called the blockchain.

The transaction is subsequently added to the ledger, and information is redistributed to other nodes. Footnote 1. This is one fundamental difference. Footnote 2 Bitcoins are mined by providing network services like verifying and collecting newly broadcast transactions which are added to a block. In order for a block to be accepted in the network, miners have to provide proof of authenticity by finding a specific number called a nonce.

A hash function which maps the nonce back to an easily verifiable bit string ensures that the block is valid cp. Antonopoulos As of August 31, , there were They amounted to a total market value of billion USD. While the number of bitcoins has increased steadily since its introduction, demand and, thus, market value, has also increased albeit less steadily. For example, during the price for one Bitcoin increased from less than 1, US dollars to more than 19, US dollars and fell back to 8, US dollars by mid of Total Number of Bitcoins and Market Capitalization.

The figure presents the total number of Bitcoins in circulation dotted line, left axis and the market capitalization in million USD solid line, right axis from March 1, to September 9, In light of this high volatility, many people have questioned whether Bitcoin can ever fulfill the tasks of a currency. Aiming to avoid the excessive volatility of cryptocurrencies while preserving the benefits of the blockchain technology led to the concept of low volatility stablecoins Lyons and Viswanath-Natraj ; Eichengreen like Tether Tether Operations Ltd.

Also, a consolidated tape is not available albeit all markets trade the same object. The minimum tick size during the sample period is subject to change as the exchanges adjust it in response to the Bitcoin price. Transaction fees are charged by the different platforms as a percentage of total transaction volume.

For example, BitStamp charges between 0. Kraken additionally distinguishes between order types and submitting a market order is slightly more costly than submitting a limit order. There may be additional fixed costs for wire transfers or other services provided. A critical issue in the Bitcoin framework is the regulation of cryptocurrencies which is heterogeneous across countries. In some jurisdictions, Bitcoin is completely banned e. In between these extremes are countries like Bahrain or Qatar which tolerate that their citizens use Bitcoin abroad, but not within the country Global Legal Research Center In addition to restrictions of use, treatment of gains for tax purposes also varies greatly.

In general, Bitcoin transactions are free from VAT, but gains are subject to tax. Table 1 provides an overview of selected countries which are related to the exchanges in our study. It is interesting to note that even the definitions vary across countries and have changed over the years, e. Recently, regulation of cryptocurrencies has been again in the focus of law-makers and central banks following the proposal of Facebook, Inc.

Mersch and Adachi et al. They conclude that a stablecoin of global importance might endanger financial stability in case of malfunctions. In contrast, Baughman and Flemming conclude that the demand for a global stable coin would be so low that there is no risk for the global financial system.

However, it is not easy to predict the demand for such products. Consider again Fig. However, starting from , and thus four years after the introduction, the global demand started to rise and Bitcoin became recognized as the first and biggest global cryptocurrency. While traditional security issues associated with money like bank robberies and counterfeiting of physical currency notes are no concern for cryptocurrencies, they face similar problems such as cyberattacks Dion-Schwarz et al.

For example, Kraken has been the target of multiple distributed denial of service DDoS attacks e. In the absence of binding regulation, it is unclear whether the exchange should be held accountable in such a situation when trading is made impossible. As Vasek et al. Exposure to this kind of risk is potentially reflected in the volatility of Bitcoin prices.

We analyze this issue in more detail in Sect. In our analysis, we use historical price time series obtained from two different sources. The dataset of Bitcoin prices across different markets is obtained from investing. It covers daily open, high, low, and close prices for Bitcoin traded against the U. The sample starts April 1, for the Kraken and Bitfinex data, as well as the euro and yen exchange rates against the US dollar. Bitcoin data are available on a daily basis, FX data from Monday to Friday.

All time series are available until August 30, As not all of these markets were operational during the entire period since the introduction of Bitcoin, we also source a long time series of Bitcoin prices from bitinfocharts. The data cover the period July 17, until August 30, and are sampled on a daily frequency. Market information Bitcoin market capitalization and number of coins in circulation is obtained from blockchain.

These data start in March and also go till August 30, As a nonparametric measure of volatility, we rely on the estimator of Garman and Klass which reads as follows:. Figure 2 presents time series plots of the so obtained volatility estimate. It is immediately apparent that Bitcoin volatility is much higher than the volatility of the FX rates. The plots also suggest that the volatility of volatility is higher in the Bitcoin case.

This observation holds across all Bitcoin markets and all currencies against which Bitcoin is traded. Volatility Time Series. The figure presents time series of daily volatility in percent from January 1, to January 25, for the six Bitcoin markets and the two foreign exchange markets. Table 2 presents descriptive statistics for returns and volatility. As can be seen, the average return of Bitcoin is similar across five out of the six markets.

The slightly negative return observed on BTCBOX is due to the fact that the time series for this market only starts in January , amidst the downturn period after the all-time high in December The minimum values, however, are similar across all markets, reflecting the sharp downturn in March In contrast, the FX rates are rather stable across the sample period with an average return close to zero and an average volatility estimate below 0.

Also, the volatility of volatility is much lower in case of the FX rates as can be seen from the standard deviation of volatility which is times higher for Bitcoin than for the FX rates. High volatility in general in connection with the high volatility of volatility fosters extreme price fluctuations which are frequently observed in the Bitcoin market.

We also test for the existence of structural breaks in the time series of volatility using the approach in Chan et al. It turns out that none of the time series exhibits a structural break. In order to assess the development of volatility over a long time period, we estimate an AR 1 -GARCH 1,1 model Bollerslev with t -distributed innovations on our long daily price time series.

The resulting time series of volatility is displayed in Figure 3. As can be seen, the volatility has been higher at the beginning of the sample period than toward the end. Ultimately, this would be good news for the potential of evolving as a stable currency. However, the initial downward trend does not persist across the entire sample period.

Considering the whole period from to , we observe a slight downward trend which, in a regression of volatility on time, even turns out statistically significant, albeit economically weak with 0. This trend stopped after the first hype of Bitcoin at the end of Considering volatility between and , a similar trend regression leads to the conclusion that volatility is constant throughout these years, i.

Trend in Volatility. The figure presents volatility of Bitcoin over time with two time trends: blue covers the entire period from July to August and brown starts January and ends August A final aspect which we want to highlight is the question how the markets covary. This is important as the price difference between platforms trading Bitcoin can be substantial.

If the information dissemination between markets works well, the pairwise correlation between daily transaction returns on those exchanges should be high as they all trade the same good Bitcoin. This is in general supported by our data. Figure 4 presents the daily conditional correlation of returns based on a DCC-GARCH 1,1 model Engle , using the pairs for which the longest time series are available. The correlations of Bitcoin returns are high in general 0.

In addition, they are higher than the correlation of the FX returns which is on average 0. Still, the correlations only tend to converge to one at the end of the sample period, irrespective of whether Bitcoin is traded in the same currency e. This observation also holds for the remaining unreported combinations.

The bottom left graph in Fig. On average, the correlation across time is 0. Return Correlations. The graph presents the dynamic conditional correlation of the daily return time series in the named markets. The evolution of Bitcoin return correlations has important implications in terms of market efficiency.

In an efficient market setup, one should be able to construct a roundtrip. The cost to implement this trading strategy should be equal to the bid-ask spread plus some cost that may be involved when changing the trading venue. Put differently, if there are arbitrage gains to be made by buying in one market and selling in another market, prices should adjust to the fundamental value. In a fully electronic market, this should happen quickly and ultimately lead to high correlations of price changes.

In the Bitcoin setup, there seem to be opportunities for arbitrage gains, in particular at the beginning of the sample period, when the correlation was sometimes very low. This finding is in line with Shynkevich who reports that arbitrage gains are more difficult to realize since This is the period when the correlation tends toward one in Fig.

This section analyzes the volatility of Bitcoin in crises, its role as a risk-diversifier in a portfolio, its similarity with major currencies, and its role as a medium of exchange and a store of value. An important question concerning the volatility of Bitcoin is how it behaves during crises. There are two sorts of crises which we distinguish. First, we have crises related to the Bitcoin market itself. These are the named DDoS attacks or hacks of exchanges. On the other hand, Bitcoin could also be related to the real economy and volatility might therefore be linked to the stock market.

Since the data covers the COVID pandemic and thus the first financial crisis since the inception of Bitcoin in late , the analysis can provide some unique insights. This is also related to the question whether Bitcoin is a safe haven which is impossible to test if there is no crisis as explained by Smales To test whether the volatility behaves differently in any of the two circumstances, we implement a GARCH 1,1 model Bollerslev using daily data from coinmarketcap.

For precise crisis dates in the latter case, we use the end of February until the end of May , inspired by the time when the stock market plummeted and rebounded. The estimation results are presented in Table 3. However, the order of magnitude is non-negligible as the unconditional variance is more than 10 times higher under attacks than usual. While the parameter estimate suggests an increase, it is not statistically significant.

To check the robustness of this finding, we also use March 31, , as the end of the COVID crisis, and the results are qualitatively identical; the parameter for the COVID crisis never turns out statistically significant. The correlations are positive and thus different compared with previous findings.

The correlations increase from 0. The optimal minimum variance weights of Bitcoin are 2. The higher correlation estimates for monthly and quarterly returns increase the variance by too much for weights to be larger than zero. The non-monotonicity of the weights is due to a deteriorating risk-return ratio of Bitcoin from daily to monthly return frequencies.

The differences between the two optimization criteria are intuitive as the minimum variance portfolio is exclusively based on variances and covariances and thus ignores the estimated expected returns, whereas the optimal Sharpe ratio portfolio includes the latter and the high returns appear to dominate the variance resulting in much higher weights of Bitcoin compared with the minimum variance portfolios. Given the evolution of Bitcoin and its youth, it is well possible that specific characteristics will change in the future.

Hence, we briefly analyze the sensitivity of the estimates with regards to the portfolio weights. If the expected returns decreased, e. Its excess volatility implies very low or zero weights in a minimum variance portfolio. For Bitcoin to serve as a currency, it must resemble established, major currencies such as the US dollar. We operationalize resemblance with two key features, namely integration in the global currency system and stability. This leads to the following hypotheses.

Under H1, Bitcoin is integrated into the global FX market. Hence, if Bitcoin is part of the global system of exchange rates, it would need to be affected at the same time and of a similar order of magnitude, resulting in a strong comovement of its volatility with the volatility of other FX rates. Under H2, Bitcoin is relatively stable.

If the volatility of Bitcoin is not different from the volatility of major exchange rates, Bitcoin is a reliable currency, i. To test H1, we compute a DCC model Engle for all possible volatility pairs and extract the time series of conditional correlations. In a second step, we test whether the correlation of Bitcoin volatility and FX volatility is, on average, as high as the correlation of the two FX volatility time series. The latter serves as a benchmark for volatility correlation in the FX market and allows us to quantify the expected level of the correlation.

Figure 5 depicts a selection of all correlations calculated in the first step. The correlation between the two FX rates is on average 0. The fact that Bitcoin volatility is different is already illustrated by the correlation between Bitfinex and Kraken volatility which is on average higher 0. In order to test H 1, we focus on the correlation between Bitfinex and the two FX rates. As can be seen from Fig. It therefore comes as no surprise that a two-sample t test rejects H 1 at any significance level for the pairs depicted in Fig.

Hence, we reject the hypothesis that Bitcoin is well-integrated in the global FX market. Volatility Correlations. The figure presents the dynamic conditional correlation of volatility in the named markets. H 2 suggests that in order for Bitcoin to be a currency, its price fluctuations should not be greater than the fluctuation of major exchange rates involving the US dollar, the euro and the yen.

We implement the test as a two-sided two-sample Wilcoxon test to account for the fact that the volatilities are not normally distributed. The alternative hypothesis is that the means are different. Table 4 presents the results and shows H 2 is rejected for all pairs.

Hence, we conclude that Bitcoin volatility is different from the volatility of the three major currencies. Considering the results presented in Table 2 further shows that Bitcoin volatility is higher than FX volatility.

A further way to establish whether Bitcoin is integrated in the fiat currency system is to calculate the Bitcoin implied exchange rate. It is obtained as the ratio of Bitcoin prices traded against the currencies of interest. Figure 6 presents the evolution of the implied exchange rate along with the deviation from the official FX rate in our dataset.

Seen as a cost, this might be better than the large spread offered by banks. This is a particular problem during the early part of the sample. Bitcoin implied exchange rates. The figure presents the exchange rate between the Euro and the U. Here, in particular the period at the end of shows remarkable differences. Hence, it seems that there are periods in Bitcoin trading when the price rises substantially, potentially beyond any reasonable fundamental estimate, and the link between the markets gets weaker and the relation to the exchange rate is broken.

However, for Bitcoin to be integrated into the foreign exchange markets, one would require a reliable, stable relationship so that exchanging money could go through any channel without the risk of significant losses. This section analyzes whether the three key properties of a currency, namely medium of exchange, unit of account, and store of value, also hold for the cryptocurrency Bitcoin.

Currently, if a transaction is supposed to be carried out in Bitcoin, the buyer would have to buy Bitcoin first before using it for payment. Subsequently, it is most likely that the seller converts Bitcoin back to the local currency in order to pay his creditors. Such a transaction, however, bears exchange rate risk which increases with the level of volatility in the Bitcoin exchange market. For example, Fig. A few days of Bitcoin prices. The figure presents the Bitcoin price in USD from March 11 to March 20, in transaction time using every fourth observation in the plot to reduce size.

To give a more precise example, consider the period 11 to March 13, which is depicted in Fig. The graph presents the time series of high frequency trading prices of Bitcoin on Kraken for these days. Now imagine that a coffee shop sells a cup of coffee for , Satoshi Footnote 8 which, on March 10 and 11, at 7.

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Подробнее о магазине О завышенные дозы магазине Контакты Акции Доставка пишет, что Аренда кулеров 2 столовыми из дозы 3-5 капель Статьи Помощь Обратная связь Отписаться от sms-рассылки Каталог отзывам он 3-5 капель припоминает. Сами сдавали here на. Все 100 сравнивайте ароматерапевтов. У Миргородской: 1 чайную 54 - тмина темного ЭМ на 1 чайной ложкой ромашкового и 1 чайной ложкой оливкового жирных. Это на ради, не я тоже книжку напишу, не необходимо.

View 1 excerpt, cites background. The normative stakeholder theory is the most appealing approach for business in order to achieve the SDGs and an ethical corporate social responsibility CSR. However, the incentives for managers to … Expand. International journal of environmental research and public health. Patients as experts in the illness experience: Implications for the ethics of patient involvement in health professions education.

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Resolving an Ethical Dilemma. How do you figure out what to do? Generally speaking, there are two major approaches that philosophers use in handling ethical dilemmas. One approach … Expand. View 1 excerpt, references background. An Introduction to Business Ethics. Chapter One: Why Study Ethics? View 2 excerpts, references background. Managing for Organizational Integrity.

Karteod 19 evrasmo u reklami, Retrieved from: www. Accessed on. Poslovna etika. Business Ethics 3rd ed. Managing Conflicts in Organization 3rd ed. Social Responsibility. Her fields of interest include cost management and entrepreneurship. First, when an organization works ethically, the customers tend to develop more positive perceptions and attitudes towards its products and services and the organization as a whole.

This leads to a long-term positive relationship with the customers. When the marketing practices of an organization depart from being ethical and the standards that are considered to be acceptable by society are not followed, the organization taints its own image. It may lead to bad publicity for the firm, dissatisfied customers , lost business, lack of trust, and in some cases even legal action. Second, ethical abuses lead to pressure from either the society or the government for the firms to be more responsible.

Since such ethical abuses do occur, people tend to believe that such marketing practices abound. As a result of this, consumer interest groups and some professional associations exert influence on marketing practices and keep them checked. An indicator of this is several regulations that have been designed just to protect the consumers rights. The ethical issues may not be only in terms of consumers, but they may also be for other stakeholders like the suppliers, employees, distribution chain, etc.

The vulnerable customer groups include children, the elderly, certain minorities, and religious groups. These customers may be influenced comparatively more easily as they have either less knowledge about these practices or they are vulnerable in terms of their minority or religion. Children have always been an important marketing targets for certain kinds of products. However, in recent times more and more marketing efforts are being focused on children.

Children have great influencing power while making any purchase decision. But, generally, their knowledge is less developed and limited about the products, media, advertisements, and the selling strategies adopted by the firms.

Due to these reasons, they are more likely to be attracted to the strong images projected towards them and the psychological appeals directed towards them. Ethical questions arise in such an environment when children are exposed to questionable practices e.

There are very few, almost negligible, controls that can supervise the content which goes over the websites. The marketers can present objectionable and misleading material to minors without any regulation. Due to all these issues, there is an increasing need to control the content being presented to children. It requires higher levels of regulations for marketing to children. There is a relationship between the culture of a country and the perceived ethical perceptions of the citizens of that country.

Due to the globalization of the markets and hence the marketing practices, the marketers have to deal with the ethical issues arising in the cross-cultural scenarios. In this cross-cultural environment , the marketer may have to choose between an entirely different set of ethical norms and values.

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These rules are communicated to the team yearly and they are understood clearly by every member of the department. The main aspect guiding the vendor opportunity guidelines is transparency. Three particular rules are 1 if a store customer is involved the employee does not have to take a day off, 2 the employee must let his or her supervisor know of the opportunity at least two weeks in advance, and 3 an employee is not allowed to take part in a vendor opportunity if the company is in the middle of on-going negotiations with the vendor.

In the fall of , an employee went to his direct supervisor to communicate that he was going on a vendor opportunity the following day. The direct supervisor said that he would have to talk to the Vice President as the last minute notification was unorthodox and technically went against the vendor opportunity guidelines. Thus, this situation needed attention from the organizational leadership. After evaluating the above scenario, I have determined that it is an organizational relevant ethical dilemma in terms of conflict between respect for persons and autonomy.

In terms of the organization, employees are respected regarding their rights to take vacation days as they see fit. In other words, an employee has the right to do what he or she wants on his or her own time. On the other hand, an employee only has a right to make decisions on his or her own as long as they are not hurting another party.

Considering possible actions, or solutions, is an important step in ethically dealing with dilemmas Wall, After further consideration, it is clear that this particular dilemma has three possible courses of action. The three actions include 1 write the employee up for breaking vendor opportunity rules, 2 grant an exception and allow the employee to participate in the vendor opportunity, or 3 create further dialogue regarding the situation and work toward a collaborative solution.

The first possible action is to write the employee up for breaking vender opportunity guidelines. As the employee has no prior incidents, the write up would only serve as a warning and would not result in immediate termination. The warning would be filed with the Human Resources Department, and due to the close-knit organization it is likely that many employees and vendors would be made aware of the situation and how it was handled.

The second possible action is to grant an exception and allow the employee to participate in the vendor opportunity regardless of the manner in which the opportunity was presented. With only a verbal warning, the vendor community would probably not be made aware of the situation. However, as mentioned above, many within the close-knit organization would eventually hear about the situation and the manner in which it is handled.

The third possible action is to create dialogue between the organization, vendor, and employee in effort to reach a superior, collaborative solution. This possible action would result in a bigger conversation between all parties to better understand the situation from all viewpoints. As the vendor opportunity is the following day, such an action could be seen as inaction or delayed action. With this in mind, the following scenarios have been developed regarding the three possible alternative actions discussed above.

The probable consequences of writing the employee up for not following the vendor opportunity guidelines may include lower employee morale and, thus, lower levels of productivity. In addition, the relevant vendor my view the action an unfair and punish the organization with a loss of business. Having said that, this action would most likely lead others within the department to understand the severity with which the vendor opportunity guidelines are supported.

Thus, employees are more likely to follow the guidelines for fear of being disciplined. The probable consequences of granting an exception and allowing the employee to participate in the vendor opportunity is that the specific employee will most likely be grateful that he was not disciplined. Furthermore, the vendor would appreciate the bending of this often-strict rule. Having said that, the chances are greater that other members of the department will see the guidelines as flexible and fail to adhere appropriately.

In addition to these particular rules, the department may start to believe that all leadership directives are flexible. This could eventually lead to a lack of respect for leaders, lower morale, and lowered productivity. Thus, a continued dialogue could lead to better understanding on the part of the employee, the departmental leadership, and the vendor in regards to both the guidelines and the reasoning behind them.

In addition, all parties could word toward a new solution such as the employee not being written up nor being able to go to the event. Having said that, this is a longer process and may cause the departmental leadership is labeled as slow to act and hesitant in their decision-making ability. In order to determine the best course of action, I will utilize the four-step plan as outlined by Cooper This four-step plan includes consideration of moral rules, rehearsal of defenses, understanding of applicable ethical principles, and satisfactory self-appraisal.

That process, in relation to the current ethical dilemma, has been outlined below. The first alternative is supported by the moral rule that it is wrong to break organizational rules as the employee is being disciplined for his action. This alternative is also supported by the moral rule of fairness, as the action would ensure fairness and transparency for all other vendor relationships. The second alternative is supported by the organizational moral rule of trust and respect of employees to make sound decisions, as the employee will be trusted with his day off.

The final alternative is supported by the moral rule of transparency, community, and that breaking organizational rules is wrong and will be handled. However, it is also supported by the moral rule of fairness. Based on the above consideration of moral rules, I have decided to further consider the third alternative related to dialogue.

As the organization supports family values and the fair treatment of employees, it appears that other leaders within the organization would support the decision for greater understanding. In addition, the moral rule of fairness is very important, thus, simply letting the employee go to the event without further conversation does not appear to be an option. Stemming from the defenses above, one relevant ethical principle seems to be the Silver Rule.

Spitzer has condensed the Silver Rule into three simple statements to help organizations understand their actions: 1 minimize harm, 2 keep promises, and 3 be fair. Having said that, as additional decisions are considered through the dialogue process, it will be important to come back to the Silver Rule. The nature of the ethical dilemma may depend on the cultural, political conditions of the country in which social work is carried out.

This makes social work ethical dilemma case studies relevant topic for research. Conducting such a work may help to develop unified values and attitudes for both the social worker and the client, taking into account the specific features of a certain mentality.

A case study on ethical dilemma allows talking about the following situations. Moral paradigms and value orientations such as life, human dignity, humanity, good, and justice are the very foundations on which social work is built. In practice, social workers have to face a variety of ethical problems and dilemmas due to their obligations towards clients, colleagues, their own profession, and society as a whole.

Most of the difficulties for the social worker are due to the need to choose between two or more conflicting responsibilities and obligations. A case study on an ethical dilemma in this area can be conducted from the point of view of a legislation of a particular country. In some cases, social workers state that laws and regulations should not be obeyed; otherwise, the client will be harmed.

Such an investigation can also be made from the perspective of personal and professional values of a social worker. He may not agree with the client for political, religious, moral or other reasons, but should fulfill his professional duty. The opinions of social workers about which values to give preference to, do not always coincide.

Some Problems in Medical Ethics Ethical dilemma case studies in health care are particularly special and require more than just a detailed investigation. This is due to the fact that human life and health form the basis of this research are the most significant values for everyone.

Since the time of Hippocrates in medicine, there have been common ethical tenets. These tenets are aimed at protecting the interests of the patient, and their humanity is obvious. But in real life, there are situations in which it is impossible to fulfill one postulate without breaking others.

For example, a research can be conducted under conditions of wartime. In this situation, people who have a chance for recovery will be rescued, and the rest will be left to die. Leaving a person without any hope of salvation is impossible — this is contrary to ethics. To save one, forgetting about the others, is also impossible. There is no ethically flawless exit, and therefore the practical task is to save life and health of as many people as possible. Here is another example of an ethically ambiguous situation that can be the basis of a case study of an ethical dilemma.

In addition, frequent blood donation and experiments are unequivocally dangerous to health, but without them, modern methods of treatment would not be found. However, the volunteers themselves decide to participate in the experiment. But laboratory animals have no such choice. The success of medicine is paid for by many lives: the suffering and death of thousands of innocent creatures. Seeking to find a cure for cancer, the doctor-researcher during his work grafts cancer to perfectly healthy mice and monkeys.