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Nodes in mobile ad hoc networks (MANETs) are mandated to utilize their limited energy resources in forwarding routing control and data packets for other nodes. Since a MANET lacks a centralized administration and control, a node may decide to act selfishly, either by refusing to respond to route requests from other nodes or deceitfully by responding to some route requests, but dropping the corresponding data packets that are presented for forwarding. A significant increase in the presence of these misbehaving nodes in a MANET can subsequently degrade network performance. In this paper, we propose a dynamic reputation management system for detecting and isolating misbehaving nodes in MANETs. Our model employs a novel direct monitoring technique to evaluate the reputation of a node in the network, which ensures that nodes that expend their energy in transmitting data and routing control packets for others are allowed to carry out their network activities while the misbehaving nodes are detected and isolated from the network. Simulation results show that our model is effective at curbing and mitigating the effects of misbehaving nodes in the network.