Risk, uncertainty, and heuristics
Abstract
Nearly a century ago, Frank Knight famously distinguished between risk and uncertainty with respect to the nature of decisions made in a business enterprise. He associated generating economic profit with making entrepreneurial decisions in the face of fundamental uncertainties. This uncertainty is complex because it cannot be reliably hedged unless it is reducible to risk. In making sense of uncertainty, the mathematics of probability that is...
Paper Details
Title
Risk, uncertainty, and heuristics
Published Date
Aug 1, 2014
Journal
Volume
67
Issue
8
Pages
1671 - 1678
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Notes
History