Knightian uncertainty
id:
knightian-uncertainty-246-4504436
title:
Knightian uncertainty
text:
In economics, Knightian uncertainty is a lack of any quantifiable knowledge about some possible occurrence, as opposed to the presence of quantifiable risk. The concept acknowledges some fundamental degree of ignorance, a limit to knowledge, and an essential unpredictability of future events. Knightian uncertainty is named after University of Chicago economist Frank Knight (1885–1972), who distinguished risk and uncertainty in his 1921 work Risk, Uncertainty, and Profit: In this matter Knight's
brand slug:
wiki
category slug:
encyclopedia
description:
Lack of quantifiable knowledge in economics
original url:
https://en.wikipedia.org/wiki/Knightian_uncertainty
date created:
date modified:
2023-10-24T22:06:02Z
main entity:
{"identifier":"Q1548830","url":"https://www.wikidata.org/entity/Q1548830"}
image:
fields total:
13
integrity:
14