This study sought to put the focus on the underlying behavioral norms and heuristic principles used by the individuals in the strategic decision-making process which affects the team dynamics within the organization. The conventional assumption in the standard neo-classical economics is the self-interest hypothesis wherein individuals only value materialistic preferences. But in recent years, this assumption has been challenged by several experimental studies that have provided evidential support on how individuals also value social preferences while making their strategic choices. This study provides a comprehensive review of the impact of social preferences on cooperation in the context of the one-shot prisoner’s dilemma game and understand the social complexities involved in the functioning of the team.