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Overview2014 Reprint of 1921 Edition. Full facsimile of the original edition, not reproduced with Optical Recognition Software. In economics, Knightian uncertainty is risk that is immeasurable, impossible to calculate. Knightian uncertainty is named after University of Chicago economist Frank Knight (1885-1972), who distinguished risk and uncertainty in his work Risk, Uncertainty, and Profit Uncertainty must be taken in a sense radically distinct from the familiar notion of Risk, from which it has never been properly separated.... The essential fact is that 'risk' means in some cases a quantity susceptible of measurement, while at other times it is something distinctly not of this character; and there are far-reaching and crucial differences in the bearings of the phenomena depending on which of the two is really present and operating.... It will appear that a measurable uncertainty, or 'risk' proper, as we shall use the term, is so far different from an unmeasurable one that it is not in effect an uncertainty at all. Knight's works remains a classic text to this day. Full Product DetailsAuthor: Frank H KnightPublisher: Martino Fine Books Imprint: Martino Fine Books Dimensions: Width: 15.20cm , Height: 2.20cm , Length: 22.90cm Weight: 0.577kg ISBN: 9781614276395ISBN 10: 1614276390 Pages: 394 Publication Date: 31 May 2014 Audience: General/trade , General Format: Paperback Publisher's Status: Active Availability: Available To Order We have confirmation that this item is in stock with the supplier. It will be ordered in for you and dispatched immediately. Table of ContentsReviewsAuthor InformationTab Content 6Author Website:Countries AvailableAll regions |
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